Commentary The potential U.S. debt ceiling and U.S. dollar status problems reignite the discussion of de-dollarization. The status of U.S. dollar will no doubt be firmly anchored in the financial market, which has already been discussed here previously. But the U.S. dollar share of goods trade is claimed to be jeopardized by the Chinese mouthpieces…
Impose Secondary Sanctions on the Business Partners of Russia and China
May 17, 2023
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Commentary Western sanctions on Russia have loopholes through which a self-driving truck with haywire AI could drive. Businesses in Central Asia, for example, openly advertise online about how they serve as transshipment points to evade U.S. and EU sanctions “100 percent.” The statistics back them up. As soon as the sanctions took effect, imports of…
Shred the White Collar and Put on the Blue
May 17, 2023
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Commentary In 1936, John Maynard Keynes, who was the most influential economist of the 20th century, wrote in his popular treatise (“The General Theory”) of his ultimate solution for permanent growth and high employment without business cycles. He called for the government to drive interest rates to zero. This would spur massive borrowing and then…
What to Do If the Debt Ceiling Fight Worsens
May 14, 2023
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Business & MarketsBusiness Columnistsdebt ceilingdefaulteconomic policieseconomygoldinvestorsOpinionUSViewpoints
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Commentary The debt ceiling debate in Washington has been widely discussed but so far, few investors are truly worried. Most believe that when the deadline arrives, Congress and the White House will reach an agreement—even if it’s to kick the can down the road. As of now, Treasury Sec. Janet Yellen has set the deadline…
Jay Powell: Anti-Hero
Commentary If you’re looking for a spirited argument in favor of preserving and perpetuating the independence of a central bank from political pressures and the whims of the mob, you won’t find better than the words of none other than Federal Reserve Chairman Jerome Powell. “Long experience, in the United States and in other advanced…
Neither Default Nor Chaos
Commentary Treasury Secretary Janet Yellen has warned again (and again and then again) about the dire approach to Washington’s debt ceiling. She has told the nation that the prospect is near and that it could cause the country to default on its debt, an event, she adds, that would bring financial and economic chaos. Media…
Is Inflation the New Normal?
Commentary Today finally ends the federal state of emergency for COVID. Along with that ends the terrible travel restrictions that have stopped the unvaccinated from visiting the land of the free. It seems incredible that we could ever become used to this. But it happened. And it went on for three years. This should serve…
Jobs Growth Is Strong Until Recession Begins
May 11, 2023
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Commentary The latest released U.S. nonfarm payrolls continue on the upside to the surprise of the market, with a month-on-month (MoM) increase of 253,000 jobs beating expectations of 180,000 and the previous month’s 165,000. Despite the trend has been declining from 400,000 at the beginning of the year to over 200,000, which is not low…
Forget the CPI: Real Inflation Is Much Higher
May 10, 2023
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Commentary This morning’s release of April’s Consumer Price Index (CPI) data showing inflation had fallen from 5.0 percent in March to 4.9 percent annually was received as a disappointing reminder that inflation, while down from highs in the summer of 2022, is far from behind us. Yet there is increasing evidence to support the suspicion…
China Increases Its Use of Exit Bans
Commentary Xi Jinping has two big problems as a student of economics. One, he and his government seem to have no idea of what motivates people to invest and take economic risks. Two, Beijing seems unable to resist any exercise of power. Both these problems show clearly in Beijing’s heightened use of exit bans against…
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