In another case of de-dollarization, Bangladesh settled a loan from Russia in Chinese yuan. According to a new report from the Bloomberg, the Bangladesh government paid a $318 million Russian loan in Chinese yuan to avoid U.S. sanctions. Because of the Western-led sanctions imposed on Russia, it had been almost impossible for Bangladesh to make […]
Money
U.S. manufacturing recession deepens as Philadelphia Fed Index crashes in April
The U.S. manufacturing recession deepens. The Federal Reserve Bank of Philadelphia’s Manufacturing Index crashed to 31.3 in April, the worst reading since May 2020. It also represented the eighth consecutive monthly contraction, with negative readings for new orders, shipments, employment, and orders received. Here is a chart looking at the Philadelphia Fed Manufacturing Index: Contrary […]
Gas prices surge to five-month high of $3.68
What’s the deal with gas prices these days? Since March 29, the average cost of a gallon of gasoline has inched higher every day. On Wednesday, it topped $3.68, up seven percent since the beginning of the year. This is the highest level in five months. Sad! It could soon top $3.75. But will it […]
Chinese GDP accelerates 4.5% in Q1, tops economists’ expectations
Have the rumors of China’s death been greatly exaggerated? Early data from China’s reopening are in, and the numbers topped expectations. The first quarter GDP growth rate surged 4.5% year-over-year, up from 2.9% in the fourth quarter and higher than economists’ expectations of 4%. On a quarter-over-quarter basis, the Q1 GDP rose 2.2%, up from […]
Donald Trump talks de-dollarization in Tucker Carlson interview
Not too many high-profile figures in U.S. politics have discussed the broader de-dollarization campaign. Senator Marco Rubio touched upon it in a Fox News interview earlier this month. Former President Donald Trump discussed the global anti-dollar efforts in an interview with host Tucker Carlson. Here is the interview: This clip from Trump's interview with Tucker […]