Tuesday, March 18

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.
Inflation: U.S. Prices Rose 6 Percent
14Mar By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit

Inflation: U.S. Prices Rose 6 Percent

Energy And Used Car Prices Come Down While Food And Shelter Still Soars March 14, 2023—U.S. consumer prices increased by 6 percent for the 12-month period ending in February, according to the Bureau of Labor Statistics. That is the smallest 12-month increase since the period ending September 2021. It is still well below the 2 percent target long held by the Federal Reserve. Prices Dropping Prices fell in February for a few items on the index. For example, the prices of oil, gas, and energy services came down by 7.9 percent, 8 percent, and 1.7 percent, respectively. The cost of used cars and trucks came down by 2.8 percent following months of a downturn that have brought prices down by 13.6 percent for the year. Also, medical care services dropped by 0.7 percent. Prices Rising ...
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US Regulators Act Following Bank Collapses
14Mar By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, Types of News: Brief, United States

US Regulators Act Following Bank Collapses

Run On Bank Was First Sign Of Significant Volatility Amid Rate Hikes March 14, 2023—U.S. regulators and policymakers acted swiftly over the weekend following the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday. The runs on the banks by customers are the first signs of major volatility following the Federal Reserve's multiple rate hikes to reduce inflation. The government through the Federal Deposit Insurance Corporation provided a risk-exception guarantee for all bank deposits of the two banks. That mitigated the risk of additional runs on banks. The details are as follows: The FDIC's guarantee would not apply to investors or unsecured debt holders. Regulators removed senior management of the banks. The FDIC took over Silicon Valley Bank and opened Signature...
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War Poses Obstacle To G20 Global Collaboration
2Mar By Patti MohrNo Comments
Diplomacy, Organizations, IMF, WTO, G7, Types of News: Brief

War Poses Obstacle To G20 Global Collaboration

Leaders Can't Come To Terms On Joint Statement March 2, 2023—Foreign ministers meeting in India had difficulty overcoming an obstacle to collaborating on global problems due to one big elephant in the room: Russia's invasion of and ongoing war in Ukraine. Heads of state of G20 countries are scheduled to meet in New Delhi in September 2023. Their top diplomats met yesterday and today. Normally, delegates would conclude meetings up with a joint statement detailing areas of agreement on issues like climate change and the global economy. Instead, they settled for an outcome document acknowledging major differences about the Russia-Ukraine war. "The war in Ukraine has further adversely impacted the global economy," the foreign ministers said in the document. "Most members strongly co...
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US, Canada, EU Look Deeper Into TikTok Privacy Issues
1Mar By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

US, Canada, EU Look Deeper Into TikTok Privacy Issues

March 1, 2023—Government officials in the United States, Canada, and the European Union are investigating potential data harvesting by the video-sharing app TikTok, which is owned by Chinese firm ByteDance. The governments in those countries and the broader EU banned staff from having the app on devices. This week the European Parliament followed recent actions by the European Commission and the EU Council to ban TikTok from government devices. Furthermore, the parliament "strongly recommended" to lawmakers and staff to remove the app from their personal devices, according to reporting by Reuters. On Monday, the Canadian government adopted similar restrictions. Biden Executive Order Going Into Effect President Joe Biden strengthened and replaced an executive order by former Pre...
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Tesla’s Interesting Timing On A New Factory In Mexico
28Feb By Patti MohrNo Comments
Climate Action, ESG, Sustainable Finance, Communism, Dictatorship, Democracy, Political Systems, Domestic Politics, Types of News: Analysis

Tesla’s Interesting Timing On A New Factory In Mexico

AMLO Welcomes The Deal, Rails Against U.S. Government And Critics Of Electoral Law Feb. 28, 2023—Mexican President Andrés Manuel López Obrador announced today that Tesla plans to build a new electric vehicle plant in Monterrey, Mexico, the second largest city in the country. He hailed the investment as something that would bring well-paid jobs to the region. The new Mexico-based factory will join a Tesla fleet of factories: four in the United States, one in China, and one in Germany. Furthermore, it will benefit from $369 billion worth of U.S. subsidies for clean energy that Congress included as part of the 2022 Inflation Reduction Act. The company is likely to announce more details Wednesday during its planned "Investors Day." The news comes as countries and companies recalibrate...
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Why The Wuhan Lab Story Matters
27Feb By Patti MohrNo Comments
Big Tech, Digital Economy, Globalization, Global Disintegration, Types of News: Analysis

Why The Wuhan Lab Story Matters

Information Control Skewed Science And Public Opinion Feb. 27, 2023—On Sunday, the Wall Street Journal broke the news about a leaked classified U.S. intelligence report that says the Covid-19 virus most likely originated from a laboratory leak. The report matters in more ways than one. At stake are lessons for international cooperation in organizations, trust in government and responsible media management. The article carefully points out the disparate views of different U.S. agencies and says the newly leaked report comes from the Department of Energy. That's significant because DOE "has considerable scientific expertise and oversees a network of U.S. national laboratories, some of which conduct advanced biological research." According to the WSJ, the DOE and the FBI believe t...
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House Committee To Examine US Economic Ties With China
27Feb By Patti MohrNo Comments
Globalization, Global Disintegration, Types of News: Brief

House Committee To Examine US Economic Ties With China

Feb. 27, 2023—A new House committee designed to investigate U.S.-China economic relations is set to begin hearings tomorrow. The Select Committee on Chinese Communist Party plans to hear from a human rights advocate, former U.S. national security advisers, and the head of an association for U.S. manufacturing. The committee hearing comes at a time when U.S.-China economic ties are coming under pressure due to the Russia-Ukraine war, Taiwan, and most recently China's spy balloon entering U.S. territorial space. Looking At Business Ties The heads of the committee, Reps. Mike Gallagher and Raja Krishnamoorthi, plan to examine U.S. corporate, private equity, and venture capital investments in China. Appearing on CBS's Face the Nation on Sunday, the congressmen said they are reviewin...
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U.S. Government Owes $395.5 Billion In Interest On The Debt
26Feb By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit, United States

U.S. Government Owes $395.5 Billion In Interest On The Debt

Feb. 26, 2023—Here's something to remember when discussing the U.S. budget, national debt, and debt limit: The U.S. government is expected to pay $395.5 billion this fiscal year on interest charges alone. That's a helpful reminder that comes from the Pew Research Center in a recent post. For more information on the U.S. budget, go to the White House's Office of Management and Budget. There you'll find historic tables of the U.S. budget. Moreover, the U.S. government is projected to spend over $1 trillion more this year than it collects in revenue. That money not only increases the U.S. debt, it also fuels rising inflation in America and beyond.
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At G20, India PM Pushes Digital Currency Model
25Feb By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Analysis

At G20, India PM Pushes Digital Currency Model

The Digital Rupee Is Backed By A Biometric Infrastructure System February 25, 2023—Indian Prime Minister Narendra Modi encouraged G20 delegates meeting in Bengaluru yesterday to follow India's lead in adopting a digital currency model. The digital rupee, as it's known, is run by blockchain and other technologies and is an alternative to cryptocurrency and cash. India's central bank announced its launch in February 2022. By November, it issued its first pilot and began promoting the digital rupee's adoption early this year. This week, India's leaders took that launch one step further: They began pushing the digital rupee abroad as they hosted the G20. "Over the past few years, we have created a highly secure, highly trusted, and highly efficient public digital infrastructure,"...
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G7 Tightening Sanctions, Warns Against Helping Russia’s War
25Feb By Patti MohrNo Comments
Organizations, IMF, WTO, G7, Sanctions, Types of News: Brief

G7 Tightening Sanctions, Warns Against Helping Russia’s War

Photo of Japanese Prime Minister Kishida Fumio meeting with G7 counterpart on Feb. 24, 2023. Japan is chairing the G7 in 2023. Leaders Announce 'New Sanctions To Condemn Russia's Illegal 'Unwavering Support' For Ukraine February 25, 2023—The G7 countries of Japan, the United States, Britain, Italy, Germany, Canada, and France issued the harshest statement yet condemning Russia's illegal war against Ukraine. "Russia’s heinous attacks over the last 365 days have laid bare the cruelty of the ongoing aggression," the G7 leaders said Friday. "We condemn Russia’s illegal, unjustifiable, and unprovokedwar, disregard for the Charter of the United Nations (UN) and indifference to the impacts that itswar is having on people worldwide." The G7 leaders promised to give "unwavering suppor...
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