Commerce Secretary Wilbur Ross discusses the ongoing trade initiatives with China ahead of the U.S. delegation departing later tonight. Secretary Ross, Treasury Secretary Mnuchin, U.S. Trade Representative/Ambassador Robert Lighthizer, Economic Council Chairman Larry Kudlow and White House Trade Adviser Peter Navarro are all heading to Beijing to meet with their Chinese counterparts…
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Wilbur Ross Joins China Delegation, Trump Extends EU, NAFTA Steel Tariff Exemption 30 Days…
President Trump’s MAGAnomic team have announced a 30-day extension for the Steel (25%) and Aluminum (10%) tariffs for the European Union, Canada and Mexico. Also, after a prior agreement with South-Korea, the “KORUS” deal, team U.S.A. has also reached an agreement in principle with Australia, Argentina and Brazil which will be finalized in next 30 […]
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Inflation Reaches Key Threshold for Fed Rate Hikes…
Inflation for the first time in several years has increased to the Federal Reserve’s annual target, the Commerce Department reported Monday, reaching a key threshold for the future of U.S. interest rates. The personal consumption expenditures (PCE) index, the Fed’s inflation barometer, increased 2 percent in the 12-month period ending in March, according to data […]
Wall Street Admits Curing Diseases Is Bad for Business…
Goldman Sachs has outdone itself this time. That’s saying a lot for an investment firm that both helped cause and then exploited a global economic meltdown, increasing its own wealth and power while helping to boot millions of Americans out of their homes. But now Goldman Sachs is openly saying in financial reports that curing […]
Americans Fleeing Tax-Heavy Blue States at a Record Pace Due to GOP SALT Cap…
Over the past decade, about 3.5 million Americans have relocated from high-tax blue states like California and those in the Northeast, to low-tax red states like Texas and Arizona — and the change is likely to accelerate. So say Arthur Laffer and Stephen Moore, co-authors of a report from the American Legislative Exchange Council, in […]
Chicago Is Trying to Pay Down Its Debt by Impounding Innocent People’s Cars…
On June 21, 2016, Chicago police pulled Spencer Byrd over for a broken turn signal. Byrd says his signal wasn’t broken, but that detail would soon be the least of his worries. Ever since, Byrd has been trapped in one of the city’s most confusing bureaucratic mazes, deprived of his car and his ability to […]
The Connection Between Russia and 2 Green Groups Fighting Fracking in U.S….
New Yorkers who are missing out on the natural gas revolution could be victims of Russian spy operations that fund popular environmental groups, current and former U.S. government officials and experts on Russia worry. Natural gas development of the celebrated Marcellus Shale deposits has spurred jobs and other economic growth in neighboring Pennsylvania. But not […]
U.S. Eases Sanctions on Aluminum Firm Tied to Russian Oligarch…
The Treasury Department Monday eased sanctions on Russian aluminum producer Rusal and said it would consider lifting them altogether if the company severs ties with Oleg Deripaska, a Russian oligarch with close ties to President Vladimir Putin. Rusal was sanctioned earlier this month by Treasury’s Office of Foreign Assets Control because of Deripaska’s stake in […]
U.S. Oil Floods Europe, Hurting OPEC and Russia…
As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has […]
1 in 5 Financial Institutions Exploring Crypto Trading, Survey Finds
Mass media company Thomson Reuters has found that one in five of its financial services clients is considering trading cryptocurrencies this year. The firm recently surveyed more than 400 clients on its data and trading platforms, including Eikon, REDI, FXall and Elektron. About 20 percent of these clients were “really interested and actively exploring” launching […]
To ‘Protect’ Workers, World Bank Calls for Eliminating Minimum Wage, Giving Employers More Power…
In a major blow to labor rights, the World Bank in its annual flagship report, World Development Report, has called for the credit-states or “poor countries” to have fewer workers’ regulations, like eliminating a requirement for minimum wage, allowing the employers to fire workers without cause, and repealing laws limiting abusive employment contract terms. The […]
NAFTA Now Bananas – Canada and Mexico Propose U.S. Should Apply Import Tax to Canadian and Mexican Autos…
Representatives from Canadian, Mexican and the U.S. are in the deepest weeds within NAFTA negotiations and some of the proposals are flat out nuts. Within the auto-sector the “Rules of Origin” continue to be one of the biggest sticking points. The U.S. position is that 80% or more of a vehicle made in the U.S., […]
Unpacking the 5 Biggest Cryptocurrency Scams…
Cryptocurrencies have revolutionized the way the world looks at transactions – but they’ve also facilitated some monumental scams over the past nine years. The success of Bitcoin and a number of altcoins jumpstarted an industry that is incorporating Blockchain technology in a number of innovative ways. While the smartest minds have created some game-changing companies […]
Sen Wyden: Time for Opioid Executives to Face the Music on Capitol Hill…
Sen. Ron Wyden, D-Ore., wants to grill the executives of companies that make opioids, saying that they need to be held accountable. Wyden, the top Democrat on the Senate Finance Committee, said during a hearing Thursday that he was a member of the House when tobacco company executives faced a congressional grilling and he wants […]
U.S. to Fine Wells Fargo $1 Billion–the Most Aggressive Bank Penalty of the Trump Era…
Federal regulators are preparing to fine mega bank Wells Fargo about $1 billion for misbehavior in its auto and mortgage markets, according to two people familiar with the negotiations. The settlement, which could be announced as soon as Friday, would be the most aggressive move by regulators during the Trump administration to punish a big […]
Heads Up All Late Filers: IRS Extends Tax-Filing Deadline by a Day Following PC Glitch…
The IRS issued a one-day, penalty-free extension for tax filers after suffering an all-day computer breakdown on Tuesday that prevented taxpayers from filing returns electronically on the day 2017 payments were due. The Internal Revenue Service blamed the problem on a hardware error, and the glitch exposed the information-technology challenges that agency officials have been […]
Starbucks to Close All Stores Nationwide for Racial-Bias Education…
Starbucks Coffee Company (NASDAQ: SBUX) today announced it will be closing its more than 8,000 company-owned stores in the United States on the afternoon of May 29 to conduct racial-bias education geared toward preventing discrimination in our stores. The training will be provided to nearly 175,000 partners (employees) across the country, and will become part […]
Four Flashpoints of Volatility by Nom Prins…
1 – Trade Wars Flashpoints, From China to Canada and Mexico: Wall Street has knee-jerk reactions to any trade war related headlines. There are legitimate reasons to be concerned about trade wars. The world is increasingly more connected than ever. Many major American companies that are household names such as Starbucks (SBUX), Boeing (BA) and […]
Uh Oh… CFPB Suffered More Than 1,000 Data Breaches…
The Consumer Financial Protection Bureau (CFPB) suffered at least 240 data breaches and another 800 suspected hacks, according to Mick Mulvaney, the acting director of the bureau in congressional testimony. Mulvaney is the first CFPB official to admit the agency’s massive data mining of consumer mortgage and credit card information is vulnerable to hackers and […]
The Richest People in America Live on This Miami Island…
The richest people in America live on Fisher Island, a tiny barrier island between Miami Beach and Key Biscayne, according to a study released Tuesday morning. Fisher Island’s 33109 zip code was ranked the wealthiest in the country, topping glitzy neighborhoods in Los Angeles, New York City, and downtown Miami. A Bloomberg study of 2015 […]
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