32 / 38 Relevant items tagged with #Economics

Posts

Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States

[Apr 21, 2023 5:30 AM] Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in…

Arkansas Makes Gold, Silver Legal Tender; 23 States Involved in Similar Legislation to Establish US Dollar Alternatives

[Apr 20, 2023 10:30 PM] A bill signed into law on April 11 has made gold and silver legal tender in the U.S. state of Arkansas, allowing citizens to use gold and silver coins to pay debts. The bill also clarifies that gold and silver “specie” (coins) will not…

Iranian Professor: Saudi Arabia May Join De-Dollarization Shift as US Dollar Is Now ‘Unreliable and Dangerous’

[Apr 20, 2023 8:30 PM] A University of Tehran professor and member of Iran’s Presidential Delegation to China has stressed the importance of de-dollarization for the international community. “The dollar has been used as a weapon by the U.S. against different…

Commodity Strategist Warns US Economy Heading Toward ‘Severe Deflationary Recession’

[Apr 20, 2023 6:30 PM] Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has warned that the U.S. economy is “heading towards a severe deflationary recession,” emphasizing that the Federal Reserve is still tightening. “Typically, when…

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

[Apr 20, 2023 4:30 PM] Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that�

Russian Foreign Minister Sergey Lavrov Explains ‘Multipolar’ World View in Brazil

[Apr 18, 2023 11:30 PM] Sergey Lavrov, the Russian foreign minister, started his tour of Latin America on April 17, landing first in Brasilia to hold high-level talks with Brazilian President Luiz Inacio ‘Lula’ da Silva and Brazilian Foreign Minister Mauro…

Strategists: US Dollar’s Reserve Currency Status Eroding at ‘Alarming Pace’

[Apr 18, 2023 9:30 PM] Asset management firm Eurizon SLJ’s strategists have warned that the erosion of the U.S. dollar’s global reserve currency status has accelerated at an alarming pace in recent years, especially following the onset of the Russia-Ukraine war…

BRICS De-Dollarization Push, China, and Crypto Threaten US Dollar’s Dominance: Analyst

[Apr 18, 2023 7:30 PM] Fitch Solutions’ global head of country risk has named the rising adoption of cryptocurrencies, the de-dollarization efforts by the BRICS countries, and China’s rising “economic might” as key factors that erode the U.S…

ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

[Apr 18, 2023 1:30 PM] There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident…

Russia Negotiating Free Trade Deal With India to Facilitate Imports in the Face of Sanctions

[Apr 18, 2023 2:30 AM] Russia is in the process of negotiating a free trade deal with India in order to substitute part of the products and investments that were banned by sanctions enacted after the Ukrainian conflict erupted. Russia is now the largest oil supplier of…

IMF Says Sub-Saharan Africa Already Feeling Effects of the ‘Big Funding Squeeze’

[Apr 17, 2023 8:40 PM] Countries from the Sub-Saharan Africa (SSA) region face a “big funding squeeze” which is forcing some of them to cut spending on health, education, and infrastructure. According to Abebe Aemro Selassie, people from the region are…

US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony

[Apr 17, 2023 4:00 AM] U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions…

China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies

[Apr 17, 2023 2:00 AM] The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the…

De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula’s Adviser

[Apr 16, 2023 8:30 PM] Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no…

Growing Links Between Middle East, Russia, China Pose Huge Challenge for US, Warns Former Treasury Secretary

[Apr 16, 2023 5:30 PM] Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence. “I think [it] is a huge challenge for the…

De-Dollarization Trend Irreversible, Flight From US Dollar Sure to Accelerate, Says Russian Official

[Apr 15, 2023 9:30 PM] Russia’s foreign minister says a flight from the U.S. dollar “is sure to accelerate,” emphasizing that “this trend is irreversible.” The official added: “The path of sanctions is the path to nowhere. Serious countries…

Jeffrey Tucker on De-Dollarization: USD Will No Longer Be King, We’re at Turning Point for US Dollar

[Apr 15, 2023 7:30 PM] Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a growing de-dollarization trend. “The dollar’s just not going to be king,” he warned, adding that history will record recent events “as the turning…

Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War

[Apr 15, 2023 5:30 PM] Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is…

Economist Paul Krugman Criticizes Florida Gov. Ron DeSantis’ Opposition to Central Bank Digital Currency

[Apr 15, 2023 3:30 PM] Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He…

Blackrock CEO Expects Inflation to Persist, but No Major US Recession in 2023

[Apr 15, 2023 1:30 PM] Blackrock’s CEO, Larry Fink, stated in an interview on Friday that he does not anticipate a “big recession” in the United States. However, he believes that “inflation is going to be stickier for longer.” In contrast to the U.S…

Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

[Apr 15, 2023 12:30 AM] Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was…

World's Most Influential Central Banks' Balance Sheets Look to Have Troughed

[Apr 14, 2023 6:15 AM] The directional change suggests an end to the quantitative tightening that roiled cryptocurrencies last year.

Analysts Weigh In on BRICS Currency as Tool to Face US Dollar-Based Sanctions

[Apr 14, 2023 3:00 AM] Analysts have begun considering using a future BRICS currency to sidestep U.S. sanctions and the dollar’s influence in international markets. While the rise of the U.S. dollar was significant to spur an era of economic growth after World War…

Bank of Russia Analysts Note Ditching US Dollar Is ‘Hardly Possible’ Without Structural Changes to Foreign Trade

[Apr 14, 2023 12:00 AM] A report from the research department of the Bank of Russia shows that, due to the structure of foreign trade contracts, it will be difficult to ditch the usage of the U.S. dollar to settle payments. The analysts found that contracts are often…

Peter Schiff Says Banking Crisis Not Over, Much Worse Financial Crisis Incoming — Warns of ‘Massive’ Recession

[Apr 13, 2023 7:30 PM] Economist Peter Schiff has cautioned that the present banking crisis is the cusp of a much worse financial crisis. “It’s going to get much much worse if you are going to try to dismiss it,” he stressed. Citing the Federal…

De-Dollarization Escalates Amid US ‘Economic Warfare’ and ‘Error-Fraught’ Policies, Economist Says

[Apr 13, 2023 6:00 PM] Economist Peter C. Earle says de-dollarization has begun, emphasizing that “It’s not just the conscription of the dollar in economic warfare, but increasingly error-fraught monetary policy regimes that are driving various interests away from…

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

[Apr 13, 2023 11:30 AM] According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly…

IMF Blog: Interest Rates to Fall to Pre-Pandemic Levels Once Inflation Is Tamed

[Apr 13, 2023 3:30 AM] When inflation in advanced economies is tamed, real interest rates are likely to drop to pre-pandemic levels, the latest International Monetary Fund (IMF) blog post has said. According to the authors of the blog post, the transition to a…

BRICS Nations Push to Expand Global Influence to Counter the West’s ‘Destructive Actions’

[Apr 12, 2023 7:30 PM] The BRICS nations are focusing on increasing their international roles and “enhancing coordination on key multilateral platforms,” Russia’s Minister of Foreign Affairs reportedly revealed after a meeting with BRICS ambassadors. He stressed “the…

IMF Economist Warns of Side Effects From Sharp Monetary Policy Tightening — Says Financial Risks Have Increased

[Apr 12, 2023 5:30 PM] The International Monetary Fund’s (IMF) economic counselor has warned of the side effects of sharp monetary tightening. Noting that “Inflation is much stickier than anticipated,” he stressed that “financial risks have risen.” IMF…