Wednesday, March 12

Author: Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.
In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China
14Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Communism, Dictatorship, Globalization, Global Disintegration, Types of News: Brief

In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China

Decision Ends The Era Of Western-Owned Social Media In China File photo from LinkedIn in China October 14, 2021—In a sign that the global world is becoming more divided, Microsoft's LinkedIn is closing its operations in China. The company is planning to replace its LinkedIn in China with a China-centric application called InJobs. The goal of that standalone app is to help "China-based professionals find jobs in China and Chinese companies find quality candidates." Notably, it will not include a social media feed and will not allow users to share posts or articles. Mohak Shroff, LinkedIn's senior vice president of engineering announced the decision today in a blog post. "While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not foun...
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Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says
5Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says

Senate Subcommittee on Consumer Protection, Product Safety, and Data Security on October 5, 2021 October 5, 2021—In a bipartisan hearing investigating practices at Facebook and its platforms, senators promised to take on what they said is the "immense power" of big tech. If big tech won't act to protect consumers and children, "Congress has to intervene," said Sen. Richard Blumenthal, D-Connecticut, the subcommittee chair. He added that Facebook "dodged, sidetrack, and in effect misled" the subcommittee in August when the senators and staff engage the company in their investigation. It's reached a point, Blumenthal said, that "Facebook and big tech are facing a big-tobacco moment." "Big tech has gotten away with abusing consumers for too long," said Sen. Marsha Blackburn, R-Tennes...
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El Salvador’s Volcano-Powered Bitcoin Goes On Display
29Sep By Patti MohrNo Comments
Cryptocurrency, Types of News: Brief

El Salvador’s Volcano-Powered Bitcoin Goes On Display

September 29, 2021—Just a few weeks into its experience of using Bitcoin as its national currency, El Salvador, under the leadership of its entrepreneurial leader, is employing the use of its volcano to mine the cryptocurrency. President Nayib Bukele released a video today showing a state-owned geothermal facility on the side of El Salvador's volcano with Bitcoin mining machines. He introduced it on Twitter, saying "First steps." https://youtu.be/Y-S-oa3Rp8I The state-owned facility, LaGeo, is a subsidiary of the Comisión Ejecutiva Hidroeléctrica del Río Lempa. Bitcoin mining involves solving complex math problems with blockchain technology through high-powered computers. A study by the University of Cambridge suggests that Bitcoin mining consumes 121.36 terawatt hours ...
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‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee
28Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, Global Economics, Types of News: Brief, United States

‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee

September 28, 2021—It's been 20 years since Vice President Dick Cheney asserted to the world and the U.S. Congress that "deficits don't matter." Today, Treasury Secretary Janet Yellen asserted a similar sentiment when asked about the overall size of the debt. In an exchange with Sen. Mike Rounds, R-SD, Yellen said it is the interest cost of the debt, which is virtually zero, is all that matters. "When do we have to say, 'Enough is enough' when it comes to our deficit and our debt?" Rounds asked. Yellen responded that "there are different metrics" for looking at the level of debt. One is the debt-to-GDP ratio. "We are a little bit over 100 percent," she added, "which has traditionally been regarded as high." But rather than use that metric to examine the debt level, Yellen s...
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Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit
27Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit

September 27, 2021--As the U.S. Senate got ready to vote on a resolution to fund the government and raise the breeched debt limit, officials from the Federal Reserve warned about dire consequences that could take place if the Treasury runs out of cash. John Williams, president of the Federal Reserve Bank of New York, warned about an "extreme kind of reaction in the markets" if the U.S. Congress would raise the current debt limit. The limit of $22 trillion is well below the current debt of $28 trillion, the GER reported in July. He said the U.S. Treasury market is at the center of the global financial system. If it stops functioning due to running out of cash, the global economy will feel it. "If you actually crossed that line and got to a place where the government wasn't paying off ...
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Central Asia Looks To Regional Alliances, UN For Leadership
23Sep By Patti MohrNo Comments
Diplomacy, Geopolitics, Globalization, Global Disintegration, Types of News: Analysis, UN Security Council

Central Asia Looks To Regional Alliances, UN For Leadership

September 23, 2021--Leaders from Pakistan, Tajikistan, and other Central Asian countries are strengthening regional alliances and looking to the international community for help in dealing with the humanitarian crisis in Afghanistan and security concerns in the region. In the absence of U.S. and NATO military involvement in Afghanistan, new partnerships and ways of thinking are taking shape to influence the region. Of first and foremost concern for many of the area’s leaders is the massive humanitarian crisis in Afghanistan. Pakistani Prime Minister Imran Khan said it is in the international community's collective interest to support the people of Afghanistan. “This moment should not be squandered," he said. “We must remember that the previous Afghanistan government survived on...
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U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit
9Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief, United States

U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit

Photo by Alexander Schimmeck, courtesy Unsplash U.S. Government Likely to Run Out Of Cash By October Without Act of Congress September 9, 2021--U.S. Treasury Secretary Janet Yellen wrote another letter to leaders of Congress yesterday, pleading for lawmakers to authorize a higher level of government spending than the $28.7 trillion currently owed. Having breached the last debt limit long ago, Treasury is relying on extraordinary measures, such as suspension of making payments to certain disability and benefits funds and thrift savings plans, to pay its bills. Like Yellen's last letter in July, the Sept. 8 letter does not mention the amount of the current U.S. debt. Neither does it mention that the U.S. government surpassed the last debt limit of $22 trillion long ago. Congre...
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After Afghanistan’s Fall, Europe Seeks Greater Autonomy Over Its Foreign Policy
3Sep By Patti MohrNo Comments
Diplomacy, Europe, EU, Eurozone, Types of News: Videos

After Afghanistan’s Fall, Europe Seeks Greater Autonomy Over Its Foreign Policy

September 3, 2021--Disappointed about the way the U.S. military and political leadership withdrew from Afghanistan, European Union leaders said they have to strengthen their own defense capabilities and build stronger autonomy in foreign policy decisions. "What we need is a strong and common voice in the international scene," said David Sassoli, President of the European Parliament. "Europe must take up its own responsibility, must have a voice, which can be heard, and must set and protect its own interests." -Sept. 1 at the Bled Strategic Forum Reduce Reliance and Strengthen Auonomy President of the European Council Charles Michel, said the "chaotic withdraw from Afghanistan" forces European leaders to "reduce our dependenc...
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WTO Rejects All Legal Claims By China in U.S. Tariffs on Solar Imports
3Sep By Patti MohrNo Comments
Global Trade, Organizations, IMF, WTO, G7, Types of News: Brief

WTO Rejects All Legal Claims By China in U.S. Tariffs on Solar Imports

U.S. Safeguard Tariffs Set To Expire in February 2022 September 3, 2021--The world's legal body for settling trade disputes rejected a complaint yesterday by China over U.S. tariffs on solar products made in China. The World Trade Organization's Dispute Settlement body denied all of China's claims against the U.S. safeguard tariff on China-made solar materials called Crystalline Silicon Photovoltaic Products. A safeguard measure is a temporary trade restriction countries apply to an import that occurs in such high quantities that it causes serious injury to the domestic industry. They are allowed under WTO rules for emergency and temporary use. Dispute Started in 2018 In 2017, the U.S. International Trade Commission responded to a complaint by Suniva, Inc. and SolarWorld Am...
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Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says
1Sep By Patti MohrNo Comments
Big Tech, Digital Economy, Cryptocurrency, Finance, Investing, Types of News: Videos

Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says

Asset Class Lacks Protections, Leaving Investors Vulnerable September 1, 2021--Cryptocurrency platforms that provide direct access to millions of people leave investors "vulnerable" and are "rife with fraud, scams, and abuse," according to Gary Gensler, chairman of the U.S. Securities and Exchange Commission. Need for Public Policy Speaking by videoconference to the European Parliament Committee on Economic and Monetary Affairs, Gensler warned that "financial innovations throughout history don’t long thrive outside of public policy frameworks." Gensler is not the first public official to warn about the inherent dangers of investing in cryptocurrencies. Policymakers are increasingly taking an interest. The Bank for International Settlements warned about the rapid rise of virtua...
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