The inflationary environment gripping the U.S. and global economies was driven by central banks worldwide distorting the economy through fiat credit expansion, resulting in sky-high inflation and financial bubbles, according to David Stockman, the former director of the Office of Management and Budget under President Ronald Reagan. During the coronavirus pandemic in 2020 and 2021,…
Central Banks Caused Inflation, Debt Ceiling Deal Is ‘Total Scam,’ Reagan Economist David Stockman Says
Central Banks Caused Inflation, Debt Ceiling Deal Is ‘Total Scam,’ Says Reagan Economist David Stockman
The inflationary environment gripping the U.S. and global economies was driven by central banks worldwide distorting the economy through fiat credit expansion, resulting in sky-high inflation and financial bubbles, said David Stockman, the former director of the Office of Management and Budget (OMB) under President Ronald Reagan. During the coronavirus pandemic in 2020 and 2021,…
Wall Street Opens Higher on Debt Deal Cheer; Salesforce Crimps Gains
Wall Street’s main indexes eked out gains at the open on Thursday on optimism sparked by passage of a bill by lawmakers to suspend the nation’s debt ceiling, while dismal earnings from Salesforce kept gains in check. The Dow Jones Industrial Average rose 21.58 points, or 0.07 percent, at the open to 32,929.85. The S&P…
Euro Steadies Near 2-month Low as Inflation Drops in Relief for ECB
LONDON—The euro steadied on Thursday near a two-month low after data showed eurozone inflation eased more than expected last month, backing arguments for only cautious further rate hikes by the European Central Bank (ECB). Inflation in the 20 nations sharing the euro eased to 6.1 percent in May from 7.0 percent in April, below expectations…
Oil Steadies on a Potential Pause in US Interest Rate Hikes and Passing Debt Limit Deal
LONDON—Oil steadied on Thursday on a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government’s debt…
Shares Gain on US Debt Bill Passage, Fed Pause Talk
June 1, 2023
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LONDON/TOKYO—Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling—and avert a catastrophic default—with majority support from…
Meta Threatens to Pull News Feeds Over California’s Journalism Preservation Act
June 1, 2023
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Meta, the parent company of Facebook and Instagram, is threatening to pull news feeds on its platforms for California residents if the state legislature passes the Journalism Preservation Act. In a statement posted on Twitter on May 31, Meta expressed its opposition to the proposal AB 886, which requires big tech companies to pay news outlets…
Australia Eyeing Mammoth 1.6 Million Tonnes of EV Battery Waste by 2050
June 1, 2023
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Australians will need to find a way to dispose of 1.6 million tonnes of disused EV batteries by 2050 as part of its push towards net-zero. The Battery Stewardship Council, along with its research partners, estimates that based on current trends, the volume of EV waste will expand exponentially to 30,000 tonnes by 2030 before…
Labor Reshaping Australia’s IR System to Fit the Union Vision
June 1, 2023
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Commentary The Australian Labor Party and the trade unions have been waging a war against what they call “insecure work” and contracting for some years, but it is only now they are in power that the reality is starting to dawn on employers. Take BHP. The mining giant complains that the cost of Labor’s “Same Job. Same…
What’s Next After House Passes Debt Ceiling Deal
May 31, 2023
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The U.S. House of Representatives passed bipartisan legislation to suspend the nation’s debt limit through Jan. 1, 2025, despite vocal opposition on both sides of the aisle. The Fiscal Responsibility Act, a fiscal package put together by President Joe Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators, overwhelmingly cleared the lower chamber…
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