The de-dollarization campaign has taken a breather in recent months. And then came a Reuters report that Pakistan paid for a Russian crude oil shipment in Chinese yuan. Interesting. Here is what the newswire reported: Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, the South Asian country’s petroleum minister […]
LOL: Biden-McCarthy debt ceiling agreement will trim national debt by $1.5 trillion over 10 years, CBO says
When a new debt ceiling agreement was reached, the Republican leadership acted like they balanced the budget. What a joke. Instead, they achieved $50 billion in savings one exchange for raising the debt ceiling by $4 trillion. The Congressional Budget Office (CBO) released its report on the Fiscal Responsibility Act, and its findings found that […]
Eurozone slips into technical recession after ECB insisted no downturn was in the forecast
Europe is in a recession. According to new data from EUROSTAT, the eurozone economy unexpectedly contracted 0.1 percent in the first quarter. In the fourth quarter, the eurozone economy also fell 0.1 percent. This means that the bloc slipped into a technical recession. More from Trading Economics: “In Q1 2023, household expenditure decreased 0.3% (vs […]
Poll: Half the country thinks the U.S. is in a recession
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 […]
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 […]