Americans planning to celebrate this Fourth of July with a cookout can expect to pay slightly less than they did last year, according to an annual survey by the American Farm Bureau Federation (AFBF), the nation’s largest general farm organization. According to this year’s estimate, families will pay on average $67.73 for groceries to feed…
Fourth of July Cookout Costs Slightly Less This Year, Still More Expensive Than Two Years Ago
Ex-US Treasury Secretary Issues Warning on New IRS Tax Proposal
The former Treasury secretary under the Reagan administration warned that Americans should remain “skeptical” about Internal Revenue Service (IRS) proposals, including a pilot program that would allow taxpayers to file their taxes directly with the federal agency, rather than using a service like TurboTax or H&R Block. “The effort would trust bureaucrats to become America’s…
Thousands of Hotel Workers Go on Strike in Southern California Over Rising Living Expenses
July 3, 2023
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Thousands of Southern California hotel workers went on strike on the Fourth of July weekend for a new contract with higher wages and benefits, according to the employees’ union. Non-managerial hotel staff, including cooks, room attendants, dishwashers, servers, bellmen, and front desk workers, were seen picketing outside major hotels in Los Angeles and Orange counties as the…
Nasdaq Rises as Tesla Rallies on Record EV Deliveries
The Nasdaq opened higher on Monday, setting the tech-heavy index on course to extend its rally into the second half of the year, as Tesla jumped on reporting record second-quarter vehicle deliveries. The Dow Jones Industrial Average fell 37.82 points, or 0.11 percent, at the open to 34,369.78. The S&P 500 opened higher by 0.10…
How Bidenomics Generates More Debt and Inflation
Commentary Estimates of U.S. growth have improved, but remain massively below the Federal Reserve’s projections. After the largest monetary and fiscal stimulus in recent years, growth remains well below trend and debt is significantly higher. It is interesting to hear Treasury Secretary Janet Yellen say that “trickle-down economics did not work,” when in reality this…
Yen Weak, Dollar Edges Up as Traders Weigh Fed Rate Hike Path
LONDON/SINGAPORE—The yen fell on Monday to near eight-month lows against the dollar with investors saying intervention was in sight, while ahead of the 4 July holiday, the dollar edged up after U.S. economic data last week showed slightly easing inflation and consumer spending. The yen weakened 0.35 percent to 144.82, after on Friday touching its…
Oil Rallies on Saudi and Russian Supply Cuts for August
LONDON—Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to…
World Stocks Firm, Nikkei Closes at 33-year Peak
July 3, 2023
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LONDON—World stocks rose to a two-week peak on Monday, with Japan’s Nikkei closing at its highest level in 33 years, drawing support from signs that cooling inflation might temper central banks’ appetite to further hike rates. European shares rallied, while U.S. equity futures pointed to a positive open for Wall Street which closes early ahead…
Expert Taskforce to Tackle Growing ‘Scamdemic’ in Australia
Australia will launch a temporary task force known as a “fusion cell” to combat the growing issue of investment scams. Led by the competition watchdog, the Australian Competition and Consumer Commission (ACCC), and the financial services regulator, the Australian Securities and Investments Commission (ASIC), the fusion cell will draw experts from both public and private…
ANALYSIS: China’s Economy Stuck in Deeper Crisis Due to More State Interventions
July 1, 2023
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News Analysis The devaluation of China’s currency, the yuan, has plummeted to its lowest point this year due to failed government interventions amid the economic depression. More money issued by the Communist Party’s financial institutions will be used as a government hedge against the collapse of the banking and financial system, shifting the country’s debt…
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