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Global policymakers are forced to grapple with a potential default by the world's largest economy.
Treasury Secretary Janet Yellen will update Congress on how close the US is to defaulting on its financial obligations within the next two weeks and defended the steep rise of debt issuance under the Biden administration.
In Debt Ceiling Standoff, COVID Era of Big Spending Gives Way to New Focus on DeficitMay 15, 2023 - 05:44:03 PDT
One outcome is clear as Washington reaches for a budget deal in the debt ceiling standoff. The ambitious COVID-19 era of government spending is giving way to a new focus on stemming deficits. As President Joe Biden and congressional leaders prepare to meet again soon, their staffs are working on a budget deal.
For months now, Washington and Wall Street have been looking to 2011 as a guide to the current crisis. But there are some key differences.
US inflation showed more signs of moderating in April, giving the Federal Reserve room to pause interest-rate increases soon...
Even as some key indicators stabilize for midsize lenders, their shares remain under pressure.
Growth in China’s metric of system Credit growth, Aggregate Financing, dropped to $175 billion, down significantly from March’s $773 billion and only 61% of estimates. It was also the weakest monthly growth since last October. But with a booming Q1 (over $2 TN), year-to-date growth of $2.45 TN, or 13.7% annualized, ran 28% ahead of comparable 2022. Aggregate Financing...
There Goes The US Consumer: Card Data Reveal First Drop In Household Spending In Two Years As Upper-Income Wages Tumble, Une...May 15, 2023 - 05:38:19 PDT
One of the bigger mysteries of the US economy is how is it possible that - if one believes the various government data collection agencies - the US consumer remains this strong this late into the business cycle (actually, one look at the recent near-record surge in credit card debt explains everything...
World stocks rose on Monday on cautious optimism ahead of this week's deliberations over the U.S. $31.4 trillion debt ceiling, a raft of economic data and a bevy of central bankers lined up to hint about whether further rate hikes await.
The US government ran a surplus in April, as it generally does in tax return month. But federal tax revenues collapsed year-on-year and the fiscal 2023 deficit is still close to $1 trillion despite the small April windfall.
Peter Schiff appeared on First TV's I'm Right with Jesse Kelly to talk about the state of the economy, inflation, and the unfolding financial crisis. Peter warned that we're heading straight toward Great Depression 2.0.
With the U.S. Shale Gas Industry shutting down 10% of its Drilling Rigs this past week, what does that mean for U.S. natural gas production and the price? Well, this will likely put a floor in the natural gas price a hell of a lot sooner than the market anticipated, leading to much higher prices in the months ahead...
May 12, 2023 - 13:12:35 PDT
Creeks and rivers in California are running high due to snow melt, and the erosion is revealing new gold deposits in the foothills of the Sierra. FOX Weather's Max Gorden met up with a group of gold hunting enthusiasts and tagged along as they searched streams for the precious metal.
The Fascinating Story of the German Gold Reserves after the Second World War.
China's citizens have a new and even easier way to buy gold. Chinese bank account holders are now able to purchase gold directly through their savings accounts. The new change reportedly came in the early hours of Tuesday. Renminbi (RMB) savings accounts at commercial banks in China now have the option of converting directly into gold, as opposed to going through a bullion dealer.
There was significant news out of China Monday, as at 3 AM eastern time, they effectively made gold money again. Not just as an SOV, but as a Medium of Exchange MOE linking state-run savings accounts with Gold bullion accounts
Zimbabwe used nearly 140 kilograms of gold reserves to back the first sale of its digital money.
China’s Mounting Strong Attack on the Dollar’s Dominance is Paying for Russian Oil in YuanMay 12, 2023 - 12:39:37 PDT
China imported $88 billion worth of major commodities from Russia in 2022, a 52% year-on-year jump from 2021 — mostly using the yuan.
The Fed Chair is probably haunted by the ghost of Arthur Burns. The current bout of accelerating consumer prices that we are living through has brought back analyses and debate about the 1970s and how a similar problem was solved.
By Neenah Payne Growing BRICS Spells Imminent End of US Dollar warns about the effects of the expanding BRICS nations. BRICS Is Expanding: Here’s Why...