Commentary In the full panoply of the Biden administration’s foreign policy errors aned gaffes, perhaps none was so stupid as its failed attempt to weaponize the dollar—the world’s reserve currency—against Russia for its invasion of Ukraine. It’s telling that during World War II, neither the United States nor the United Kingdom—when the British pound sterling was…
Biden’s Weaponizing the Dollar Against Russia Has Backfired
July 3, 2023
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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…
Yellen Set to Visit China This Week in Bid to ‘Deepen Communication’
July 2, 2023
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U.S. Treasury Secretary Janet Yellen is traveling to China this week for talks with senior Chinese officials, the Treasury Department said on Sunday. Yellen will be the second highest-ranking U.S. official to visit China in weeks as the United States attempts to improve ties with China’s ruling communist party. Yellen will travel to Beijing from…
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…
Consumer Spending Grows by Just 0.1 Percent in May, Inflation Remains High
U.S. consumer spending stalled in May to the lowest growth rate this year as inflation remained elevated. Consumer spending or personal consumption expenditures (PCE) only rose by 0.1 percent in May, according to a June 30 news release (pdf) by the U.S. Bureau of Economic Analysis (BEA). This is the lowest growth rate so far…
SCOTUS Held Biden to Rule of Law in Student Loan Case: Constitutional Attorney
The U.S. Supreme Court handed President Joe Biden a defeat on Friday, blocking his plan to cancel $430 billion in student loan debt. The justices ruled against Biden in a 6-3 decision and said the Biden administration overstepped its authority with the plan, with conservative justices in the majority. Another major ruling from the Supreme…
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