A US debt default would be “potentially catastrophic,” according to Jamie Dimon, CEO of JPMorgan Chase, on Thursday. President Joe Biden and Republican leaders have until June 1, 2023, to increase the $31 trillion debt
G-7 Warning as US debt crisis looms
On May 13, 2023, financial experts from the Group of Seven (G-7) wealthy countries issued a warning about escalating economic uncertainty. They concluded a three-day gathering overshadowed by the impasse over the United States’ debt
Debt Ceiling Worries Deepen
The Washington standoff over raising the U.S. government’s $31.4 trillion borrowing limit is adding to global economic worries, as a new non-partisan congressional report cited “significant risk” of a historic default within the first two
A New Problem Coming after Covid caused shortages in the Jobs Market.
For more than a year, central banks have aggressively tightened monetary policy in an effort to tame sky-high inflation. However, the job market has remained obstinately tight. After the pandemic, supply chain bottlenecks gave way
Worried About Your Bank?
According to a recent survey, nearly half of Americans are concerned about the safety of the money they have in the bank, which is the highest level of anxiety since the 2008 financial crisis. According
Buffett Warns Easy Money is Over for US Economy
Warren Buffett, the Berkshire Hathaway CEO, issued a negative outlook for the US economy on Saturday, April 29, 2023, saying the boom period for his businesses has ended. Fears of a US recession and credit
The Federal Reserve & Its Current Rates
The US inflation figures due out next week may offer hints as to whether the Federal Reserve can hold off on raising interest rates at its meeting next month. After a gain of 5.6% a
How Bad will The Banking Crisis Get?
Following the government takeover and subsequent sale of First Republic Bank to JPMorgan, bank shares have fallen on Wall Street this week. The loss was the second-largest bank failure in American history and the third
China’s Gold Splurge – Reserves Rise Again
For the sixth consecutive month, China increased its gold holdings, continuing a wave of purchases as central banks around the world increase their gold holdings in response to rising geopolitical and economic threats. In April