Is the U.S. economy in a recession? Half the country thinks so. According to an Economist/YouGov poll, 50 percent of U.S. adults think the country is currently in a recession. Twenty-eight percent do not think the economy is in a recession. Twenty-two percent are not sure. Here is a breakdown of the June 3 to […]
Archives for June 2023
Consumer credit surges $23 billion in April: Fed
Consumer credit rose $23.01 billion in April, down from $26.51 billion in March, according to the Federal Reserve. This was slightly higher than economists’ expectations of $22 billion. From the U.S. central bank’s G.19 report: “In April, consumer credit increased at a seasonally adjusted annual rate of 5.7 percent. Revolving credit increased at an annual […]
Currency Chaos: Chinese yuan hits 2023 low, Turkish lira crashes to record low
It was chaos in forex markets today, particularly for two currencies: the Chinese yuan and the Turkish lira. First, the yuan fell to a 2023 low after China’s exports cratered 7.5 percent year-over-year. Economists had expected a drop of 1.8 percent. Imports also tanked by 4.5 percent from the same time a year ago, which […]
Ron Paul: Republicans’ Fiscal Irresponsibility Act
By: Ron Paul The political and financial class breathed a sigh of relief when Congress passed the Fiscal Responsibility Act of 2023. The bill suspends the debt ceiling for two years, thus avoiding the establishment’s nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of […]
Global economy to slow to 2.1% in 2023; U.S. projected to grow just 1.1% this year
The global economy is slowing down. According to the World Bank’s new Global Economic Prospects report, global economic growth is projected to slow to 2.1 percent in 2023, down from 3.1 percent in 2022. For advanced economies, GDP growth is expected to clock in at 0.7 percent this year, down from 2.6 percent last year. […]