Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming
After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market.
Industry watchers say it’s only a matter of time before Chinese automakers bring their impressive — and importantly, inexpensive — electric cars to the US. After years of threatening to set up shop on American shores, the companies are closer than ever to making the move to the US.
On their home turf, Chinese companies have already vanquished their American competitors , eating up market share from the likes of Ford and General Motors by offering better quality and less expensive electric cars for shoppers… (Continue to full article)
The GOP proposal to raise the debt ceiling would force Americans on Social Security and Medicare to wait longer to receive help and make college more expensive, the White House says
The Biden administration is sounding the alarm over Republicans’ hopes to enact far-reaching spending cuts, saying that the contours of the GOP’s plans would result in a 30% slash to a slew of popular federal programs.
In a memo, Shalanda Young, director of the Office of Management and Budget, breaks down the math on Republicans’ desired funding levels. The GOP’s latest line on spending is that it wants to maintain the same funding levels as fiscal year 2022; that level of funding is reflected in their narrowly-passed House bill to raise the debt ceiling for just one year.
The bill includes a long list of proposed spending cuts and changes to federal programs, including banning student-loan forgiveness and raising work requirements to access social welfare programs… (Continue to full article)
Argentina raises interest rate to 97% as it struggles to tackle inflation
The Central Bank of Argentina raised its key interest rate Monday by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs.
Central banks across the globe are struggling to rein in inflation, but it’s a particular problem in Argentina, where the annual inflation rate soared above 100% last month.
That’s the highest level since the early 1990s, and currently, Venezuela and Zimbabwe are the only two countries experiencing higher inflation than Argentina, according to International Monetary Fund data. (By comparison, inflation hovers below 5% in the US, where the central bank has raised key interest rates by five percentage points over 14 months… (Continue to full article)
Job cuts, no Social Security checks: How consumers could be pinched by a US government default
All the hand-wringing in Washington over raising the debt limit can seem far removed from the lives of everyday Americans, but they could end up facing huge consequences.
Millions of people in the U.S. rely on benefits that could go unpaid and services that could be disrupted, or halted altogether, if the government can’t pay its bills for an extended period.
If the economy tanked due to default, more than 8 million people could lose their jobs, government officials estimate. Millions of Social Security beneficiaries, veterans and military families could lose their monthly payments. Vital federal services including border and air traffic control could be disrupted if workers can’t get their government paychecks.
The economy could nosedive into a recession… (Continue to full article)
The Probability Of A Recession Happening In The Next 12 Months Is The Highest In More Than 40 Years!
If they are actually telling us that a recession is coming this time around, how bad is it going to be? In 2008, officials kept assuring us over and over again that there wouldn’t be a recession, and then we plunged into the greatest economic downturn since the Great Depression of the 1930s. But here in 2023, what is coming is so obvious that nobody can deny what is happening.
The economy is already starting to come apart at the seams all around us, and the “experts” at the Federal Reserve openly acknowledge that they are making things even worse by hiking interest rates. Pretty much everyone agrees that rougher times are ahead of us, and “a probability model from the New York Federal Reserve” is now projecting that there is a 68.2 percent chance that there will be a recession within the next 12 months
The odds that the United States will fall into a recession at some point over the next 12 months have risen to a 40-year high, according to a probability model from the New York Federal Reserve… (Continue to full article)
CBDCs will lead to ‘dangerous’ world without privacy or cash, gold is your best protection
Central bank digital currencies (CBDCs) will cause financial privacy and anonymity to end, as cash will likely be eradicated. That is according to John Butler, Investment Director at Southbank Investment Research, who also suggests that gold is the best hedge against this future scenario.
“Moving headlong towards CBDCs in the current political context is very dangerous,” he told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “It becomes a very frightening proposition to hand over any and all financial privacy to some central organization.”
Gold and silver are the best defense against the future risks of CBDCs.
“Hold precious metals,” he said. “You can get a physical metal stored outside the banking system with a precious metals custodian. That’s always a prudent thing to do in any case if you’re concerned about either inflation or a financial crisis.”… (Continue to full article)
The Guitar Gods – Jeff Beck with Tal Wilkenfeld
5 Reasons Young People Should Give Gold a Look in These Uncertain Times
While there’s no guarantee on any investment, it’s clear we’re entering a period of great economic uncertainty. In recent economic news, several banks and major financial institutions have filed for bankruptcy leading 2023 into what is likely a recession period. The US dollar is losing significant value caused in part by monetary inflation, overspending, and fading market confidence. Some economists speculate that the US will consider a centrally controlled, government issued, cryptocurrency as a means to promote Modern Monetary Theory.
Throughout history, as fiat currencies have come gone, gold has stood the test of time again and again, and there’s reason why… (Continue to full article)
