Gold has seen a significant increase in value in 2023, with spot prices rising from $1,823 per ounce to the current price of $1,937 per ounce. However, Harry Dent, founder of HS Dent Investment Manage...
Tag: Economics
Latam Common Currency to Focus on Settlements Among Mercosur and BRICS Countries – Economics Bitcoin News
President of Brazil Luis Inacio Lula Da Silva clarified the scope and reach of the common currency that Brazil and Argentina are studying to issue in Latam. Lula Da Silva clarified that he believed th...
Jim Cramer Says Avoid Crypto, Stick With Gold for ‘Real Hedge’ Against Inflation and Economic Chaos – Economics Bitcoin News
The host of Mad Money, Jim Cramer, has advised investors to avoid crypto and stick with gold if they “seriously want a real hedge against inflation or economic chaos.” He added that bitcoin is too vol...
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies – Economics Bitcoin News
In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dol...
The Fed’s Impossible Choice: Eliminate Jobs or Accept Higher Inflation
Text size The Fed may opt to wait in the first half of 2023 rather than keep raising rates, Sonia Meskin writes. Alex Wong/Getty Images About the author: Sonia Meskin is the head of U.S. Macro at BNY ...
Brazil and Argentina to Start Working on Creation of Latam Common Currency – Economics Bitcoin News
Brazil and Argentina are looking to begin work on the issuance of a common currency. Sergio Massa, minister of the economy of Argentina, also stated that the two countries will be inviting other natio...
Powell Says the Fed Isn’t a ‘Climate Policy Maker.’ What That Really Means.
Text size Federal Reserve Chairman Jerome Powell said the Fed is not “and will not be, a ‘climate policy maker.’” Kevin Dietsch/Getty Images About the authors: David Arkush is director of Public Citiz...
Debt-Ceiling Crisis: What Could Happen, According to History
The White House and Congress are locked in a standoff, once again, over whether to raise the debt ceiling—the legislative limit on the total amount of money the federal government is authorized to bor...
Morgan Stanley CEO Says Inflation Has Peaked and China Has Made a Major Pivot – Economics Bitcoin News
Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, majo...
Market Trajectories Hinge on Decision – Economics Bitcoin News
Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is...
The Fed Says It Won’t Cut Rates in 2023. Markets Disagree. Who’s Right?
Text size The Marriner S. Eccles Federal Reserve Board Building in Washington, DC. Kevin Dietsch/Getty Images About the author: Christopher Smart is chief global strategist and head of the Barings Inv...
Switzerland Less Affected by Crypto Industry Crisis, Study Finds – Economics Bitcoin News
While the global industry built around digital assets is losing funds and jobs are dropping off, Switzerland seems to be weathering the storm relatively well, one piece of research claims. In fact, mo...
Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization – Economics Bitcoin News
After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The stateme...
Nearly $1 Billion Poured Into Egypt’s Forex Market — Local Currency Now World’s Worst Performing Currency in 2023 – Economics Bitcoin News
The Egyptian central bank recently claimed that its decision to devalue the local currency has been vindicated by foreign investors’ return to the country’s foreign market where they reportedly poured...
What JPMorgan and Other Banking Giants Are Saying About a Possible Recession
America’s banking giants are looking into their economic crystal balls, and not all of them like what they see. JPMorgan , Bank of America , and other top U.S. banks recently offered economic outlooks...
Cornell Professor Warns of Disruption to US Bond Market From Potential Collapse of Major Stablecoin – Economics Bitcoin News
A professor from Cornell University has warned about the potential effects a collapse of a major stablecoin could have on the U.S. bond market. Eswar Prasad said that if large stablecoins face a colla...
Jeff Booth Warns of Debt Deflation If Federal Reserve Keeps Hiking Interest Rates – Economics Bitcoin News
The author of “The Price of Tomorrow,” Jeff Booth, has warned about debt deflation, calling it a “great depression on steroids,” if the Federal Reserve continues to hike interest rates. He believes th...
Nigeria Debt Management Office’s $48.8 Billion Debt Contravenes the Law Says Expert – Economics Bitcoin News
The Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit which is equivalent to $2.2 billion, Adetilewa Adebajo, an international financial markets expe...
Yellen Says U.S. Expected to Hit Debt Limit Next Thursday
Treasury Secretary Janet Yellen told U.S. lawmakers the federal government was projected to reach its debt limit next Thursday, marking a starting point for what is likely to be a long and tense battl...
Treasury Secretary Yellen Urges Swift Action to Increase Spending Limit, Avert Default on US Obligations – Economics Bitcoin News
Janet Yellen, the U.S. secretary of the Treasury, sent a letter to Congress on Friday urging lawmakers to increase the spending limit. Yellen stressed that the country would reach its statutory debt l...
Inflation Isn’t the Stock Market’s Biggest Problem Now. Deflation Is.
Generationally high inflation was the story of 2022. That’s not going to be the story of 2023. The boogeyman of disinflation—and even some deflation—is about to become the biggest risk to stocks, and ...
The Stock Market Is on a Tear. Don’t Ignore the Debt Ceiling.
It’s always fun until the bill comes due—and the bill always comes due. In fact, it’s coming due right about now. On Friday, Treasury Secretary Janet Yellen warned Congress that the U.S. would hit its...
President Biden Makes His Feelings Clear on House Republican Bill to Abolish IRS
A controversial proposal introduced by the newly elected, Republican controlled, House of Representatives has been making some headlines. It involves a scheme to get rid of the income tax in favor of ...
Republicans Want to Abolish the IRS; How That Would Hit Your Wallet
While House Speaker Kevin McCarthy, R-Calif., was captivating a live audience with coverage of historically numerous votes for his new title, it was no secret he was making concessions to win votes fr...
China Is Opening Fast. Don’t Miss the Rebound for Stocks.
Chinese authorities’ abrupt pivot away from zero-Covid policies has been matched by the quick shift in investor sentiment about Chinese stocks from the bearishness of the past year. As the world’s sec...
‘I Shouldn’t Ever Use the Word Hurricane’ – Economics Bitcoin News
JPMorgan Chase CEO Jamie Dimon says he “shouldn’t ever use the word hurricane” when warning about the U.S. economy. However, he insisted that there are “storm clouds” that “could be a hurricane.” JPMo...
Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy – Economics Bitcoin News
The Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen ...