Sunday, March 9

Domestic Politics

U.S. Deficit For FY2021 Reached $2.8 Trillion, CBO Says
10Nov By Patti MohrNo Comments
Global Economics, Types of News: Brief, United States

U.S. Deficit For FY2021 Reached $2.8 Trillion, CBO Says

November 10, 2021--For the fiscal year that ended September 30, the U.S. government ran a $2.8 trillion budget deficit, the Congressional Budget Office reported on Monday. The figure was $360 billion less than the deficit in 2020 but three times the deficit from 2019. As a share of the GDP, the 2021 deficit was 12.4 percent the size of the economy. That's down from 15 percent at the peak of the pandemic in FY2020 but up from 3.2 percent in 2016. Federal spending increased above normal levels in 2020 and 2021 in response to the pandemic. They included the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program and Health Care Enhancement Act, the Consolidated Appropriations Act, 2021 (CAA), and the American Rescue Plan Act of 2021 (ARPA). Meanwhi...
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Fed Decision ‘Skews Risk Toward Inflation’
3Nov By Patti MohrNo Comments
Finance, Investing, Global Economics, Types of News: Brief, United States

Fed Decision ‘Skews Risk Toward Inflation’

Despite Economic Recovery And Rising Prices, U.S. Central Bank Keeps Interest Rates Near Zero November 3, 2021—The Federal Reserve announced today it will begin reducing the amount of Treasury securities it purchases every month, in light of economic progress. However, in a move that mirrors the European Central Bank decision, the U.S. central bank is maintaining an accommodative stance on monetary policy, meaning it will continue to increase the money supply. Specifically, the committee is keeping the Federal funds rate at 0 to 0.25 percent, which is slightly above Europe's negative rates. A key point is the Fed is no longer basing the decision on the U.S. unemployment rate, which is historically low. The measure of success for the central bank now includes the labor participat...
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Coal, China And Climate Change
1Nov By Ramsha ZubairiNo Comments
Climate Action, ESG, Sustainable Finance, Domestic Politics, Energy Policy, Oil & Gas, Types of News: Analysis

Coal, China And Climate Change

Editor's Note: As the COP26 takes place this week, many leaders on climate action are pointing to China and calling on the world's largest emitter of carbon dioxide gas to do more. This is the first of a series of reports on coal production and consumption by contributing writer Ramsha Zubairi. China's Climate Goals Are 'Unimpressive,' Observers Say November 1, 2021—China is the biggest producer, consumer and importer of coal, and as the country’s economy continues to grow post-pandemic, its demand for the commodity moves in the upward direction. That makes China's absence from this year's COP26 especially worrisome for climate activists. With global climate change happening now, it is increasingly necessary to cut down on greenhouse gas emissions. More than 70 percent of e...
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Inflation Issues ‘Fade Away,’ ECB Says
28Oct By Patti MohrNo Comments
Europe, EU, Eurozone, Global Economics, Types of News: Brief

Inflation Issues ‘Fade Away,’ ECB Says

European Central Bank Keeps Stimulus Policy Despite Rising Prices October 28, 2021--The European Central Bank decided to keep its emergency purchase program in place, even though the economy is recovering and prices are rising. The decision lets the central bank continue its policy of purchasing financial assets and keeps interest rates in negative territory. That is in spite of an inflation rate of 3.4 percent, which is higher than the target of 2 percent. The Euro's short-term interest rate hovers below zero at -0.573 percent. Meanwhile, the 10-year government bond is also in negative territory at -0.16 percent. The EBC dismissed rising inflation, saying, "This is mainly because oil, gas and electricity prices have gone up a lot and demand is rising faster than supply. But we ex...
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U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills
21Oct By Patti MohrNo Comments
Globalization, Global Disintegration, Types of News: Brief, United States

U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills

Crackdown On Chinese-Based Technology Indicates A Turning Point In Industry Collaboration October 21, 2021—The U.S. House of Representatives passed a series of bipartisan bills yesterday intended to protect the U.S. communications industry and consumers from foreign security risks. The Secure Equipment Act would instruct the Federal Communications Commission to "no longer review or approve" radio-frequency devices posing national security risks to the United States. The House passed it with overwhelming support on a 420-4 vote. Rep. Steve Scalise, R-La., introduced the bill along with strong bipartisan support. Only four members -- Reps. Sean Casten, D-Ill., Veronica Escobar, D-Texas, Sylvia Garcia, D-Texas, and Thomas Massie, R-Ky., -- voted against it. It came to be known ...
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Lawmakers Are Drafting Legislation to Regulate Social Media
16Oct By Srinidhi RajagopalNo Comments
Big Tech, Digital Economy, Domestic Politics, Types of News: Analysis

Lawmakers Are Drafting Legislation to Regulate Social Media

Photo by Nathan Dumlao, Unsplash Consumer Protection, Antitrust, Removal Of Liability Protections Are In-Play October 16, 2021—As the pressure grows to regulate the social media industry, lawmakers are drafting numerous bills that would impact social media platforms such as Facebook, Instagram, WhatsApp, and Twitter and their users. This comes in the wake of revelations made by an ex-Facebook employee turned whistleblower, Frances Haugen, at a Senate Commerce Subcommittee hearing. Committee members and their staff are exploring consumer protection issues involved with large internet platforms Already, senators have referred nearly a dozen bills to the full committee for review. About half of those focus on protecting consumers and their information. Other bills would amend a...
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Afghan Women, Children and Journalism Struggle Under the Taliban Rule
15Oct By Ramsha ZubairiNo Comments
Domestic Politics, Human rights, Types of News: Analysis, UN Security Council

Afghan Women, Children and Journalism Struggle Under the Taliban Rule

October 15, 2021—Since the Taliban took over Afghanistan, women in the country are showing bravery against a backdrop of severe restrictions against normal life. "Women are not giving up, they are protesting for their rights which are in line with our religion and international human rights." - Samira Hamidi Broken Promises Early on, the Taliban declared amnesty for all citizens and promised to reform their old ways. The government reassured its citizens and international human rights groups it would give "equal rights to women as per the laws of Islam." Furthermore, Taliban officials promised freedom of media and protection of former government employees. But in the few months under the new leadership, the world has witnessed numerous reports from the United Nations and other...
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Congress Bides Time On Its Debt And Its Legal Limit
14Oct By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Analysis, United States

Congress Bides Time On Its Debt And Its Legal Limit

The House approved an increase of $480 billion to the national debt limit, giving the U.S. Treasury more time to legally pay its bills. At What Point Will U.S. Debt And Deficits Break The Mighty Dollar? October 14, 2021—After much trepidation by global bankers watching lawmakers in Washington, D.C. toss responsibility of the nation's debt back-and-forth, Congress passed legislation this week giving the world's market watchers a sigh of relief. Catastrophe can wait until another day. Today, the bill became law. Specifically, Congress added $480 billion to the previous U.S. national debt limit of $22 trillion. It's estimated that provides enough cash for the U.S. Treasury to continue paying salaries of government workers and military, bills for daily operations, providing entitlemen...
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PROFILE: Central America’s ‘Cool’ Millennial Dictator
2Oct By Ernesto RodriguezNo Comments
Corruption, Bribes, Illicit Finance & Money Laundering, Domestic Politics, Types of News: Analysis

PROFILE: Central America’s ‘Cool’ Millennial Dictator

El Salvador President Nayib Bukele. Source: Instagram El Salvador's Nayib Bukele Went From Being A Fresh Face In Central America To A 'Cool' Dictator October 2, 2021—For many El Salvadorians, Nayib Bukele seemed like a new hope when he won the presidency in 2019. He was a young guy, just 38 years old when he won the presidency. With a career as mayor of San Salvador, the country’s capital, his entrance to the political stage looked like the start of a brand-new generation of Central American and Latin American politicians. A Talented Publicist Prior to launching a career in politics, Bukele had already gained a reputation as a talented publicist in the capital city. An El Salvadorian of Palestinian descent, he merged skills in business and marketing well. He owned a nightclu...
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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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