I am a doctor: seven years at medical school, three years of applications, four years of doctoral studies to obtain my MD in Belgium, in 1995. From 1997 to 2003, I specialised in anaesthesia-recovery, then in intensive care. For the last 17 years, I have worked in this field, now in the spotlight during this viral pandemic called Covid-19. I am therefore particularly qualified from a medical standpoint. That’s where I stand out, and I am mainly guided in my profession by the motto passed down from the early days of medicine in Antiquity: “Primum non nocere” or in other words: “First, do no harm.”
In Buenos Aires, marches will move towards the Plaza de Mayo and the National Congress where the Economy Minister Martin Guzman will explain the current situation of Argentine indebtedness.
The physical cash holdings of German banks rose to a record 43.4 billion euros ($48 billion) in December, according to Bundesbank data published on Friday. That’s almost triple the amount at the end of May 2014, the month before the European Central Bank started charging for deposits and raising the pressure on Germany’s already beleaguered banks.
The specific mission undertaken by Volcker was to jack up interest rates and plunge the country into recession, creating mass unemployment as a means of breaking the social resistance of the working class.
A full accounting would reveal that his policies, imposed on behalf of the American ruling class, resulted in untold social misery and the premature death of millions of people, not only in the US but around the world, as he charted the path for ruling classes to follow everywhere.
Argentine President-elect Alberto Fernandez unveiled his cabinet and new central bank chief on Friday evening, laying out his core team days before the center-left leader takes office facing a stalled economy, rising debt fears and painful inflation.
Although Bolivia is not one of the focus countries of Germany’s Latin American activities, Berlin has nevertheless maintained good relations with the white, relatively prosperous Santa Cruz elites. Oscar Ortiz Antelo is currently playing a central role. He is the former administrator of the Chamber of Industry and Commerce in Santa Cruz, and years earlier had held a leading position with Andina, the Bolivian subsidiary of Spain’s Repsol petrolem company YPF.
The version of the “unitary executive” put forth by Mr. Trump, the Justice Department and the shareholders would open the door for a president to fire for any reason — even personal reasons unrelated to the public interest or even for no reason at all — any head of an administrative agency, including the heads of “independent agencies” like the Consumer Financial Protection Bureau as well as the Federal Reserve, the Federal Trade Commission and the Nuclear Regulatory Commission. (These agency heads are nominated by the president and confirmed by the Senate.)
The Federal Reserve makes its interest rate decision and also releases new versions of its dot plot and economic projections and Chairman Jerome Powell will address the media afterwards. Follow along as MarketWatch’s Rex Nutting, William Watts, and Jeffrey Bartash live-blog the action and watch the video of the press conference.
A leaked shortlist for the next Governor of the Bank of England made its way from the highest levels of the Treasury to the pages of The Times last Saturday, and has now been followed up by an orchestrated letter signed by Remain supporting MPs. The letter is a not-so-subtle attempt to confirm the leak by making the Civil Service’s recommendation list public and therefore making it politically harder for the Chancellor to appoint a Brexiteer to the role.
The New Zealand dollar rose after Reserve Bank governor Adrian Orr painted a rosy picture of the local economy and described the 50 basis point cut in the official cash rate earlier this month as „a pre-emptive double cut“ to reduce the need to cut more later.
Signalling the possibility of more interest-rate cuts, Federal Reserve Chairman Jerome Powell said the central bank will „act as appropriate“ to sustain the economic expansion as the trade war with China takes a toll on global growth and the U.S. economy.
As we look back over the decade since the end of the financial crisis, we can again see fundamental economic changes that call for a reassessment of our policy framework. The current era has been characterized by much lower neutral interest rates, disinflationary pressures, and slower growth. We face heightened risks of lengthy, difficult-to-escape periods in which our policy interest rate is pinned near zero. To address this new normal, we are conducting a public review of our mo netary policy strategy, tools, and communications—the first of its kind for the Federal Reserve.
Is Boris Johnson the luckiest prime minister ever? This week, the Government can borrow money for ten years at 0.48 per cent and for thirty years at 1.16 per cent. At these rates, it would irresponsible not to borrow more.
Yet Germany, which has a budget surplus and which can borrow money at sub-zero rates, doesn’t see the problem even as its own manufacturing sector contracts. Finance Minister Olaf Scholz told Bloomberg Television on Thursday, minutes before Draghi’s press conference, that he has no plans to loosen the country’s purse strings because it’s not “necessary or wise to act as if we were in a crisis.”
Nach einem schnellen Maßnahmenpaket aus Rom verzichtete die EU-Kommission am Mittwoch auf ein für Italien teures Strafverfahren. Dass Italiens Zustimmung zum EU-Postenpaket etwas damit zu tun haben könnte, wird dementiert.
Respondents expect the deposit rate, already at a record low, to be reduced by 10 basis points to minus 0.5% in September. HSBC predicts a second cut of the same magnitude in December, and ABN Amro sees a second reduction at the start of next year. Money markets are pricing a 10-basis point cut in September.
The focus of the IMF programs was never institutional improvement but structural adjustments, which only protected the interests of a small elite, as these neoliberal policies worked well for them and not the general people.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi – the largest metropolis that needs nearly $10 billion additional investment to make it liveable.
For decades, the Pakistani authorities have been unable to establish effective tax collection practices. Currently, only one percent of Pakistanis pay their taxes and the country has one of the lowest tax-to-GDP ratios in the world.
Successive governments have avoided imposing stricter controls because they have been staffed by members of the same elites that are actively evading taxes. They are able to do so not only because of government inaction but also because of widespread corruption. In fact, it is cheaper for them to bribe than to pay their dues.
17h ago 21:22
Wall Street closes at record high
Boom! Hopes that US interest rates will be cut next month have sent Wall Street to a new all-time closing high.
in theory, lower interest rates will:
– Reduce the incentive to save. Lower interest rates give a smaller return from saving. This lower incentive to save will encourage consumers to spend rather than hold onto money.
– Cheaper borrowing costs. Lower interest rates make the cost of borrowing cheaper. It will encourage consumers and firms to take out loans to finance greater spending and investment.
– Lower mortgage interest payments. A fall in interest rates will reduce the monthly cost of mortgage repayments. This will leave householders with more disposable income and should cause a rise in consumer spending.
On another level, however, it is completely crackers. The problem only arises because the Chancellor is looking in the familiar pool of Davos-friendly technocrats. In the FT, the names tipped are drearily familiar. The head of the Financial Conduct Authority. A former chief economist of the IMF. One of the career staffers, or maybe a Professor from somewhere or other. From that perspective, Brexit is a problem to be managed. Sterling will crash, investment will dry up, wages will rise, and exports will collapse. The Bank will be muddling its way through one disaster after another.
But surely the Chancellor could just appoint a Brexiteer?
Trade unions have called a general strike on 29 May 2019 to oppose austerity measures in Argentina. The Macri government has brought the country to the brink of economic collapse, with workers’ purchasing power decreasing due to high inflation, unemployment, recession and a sharp increase in poverty.
This is the fifth national strike to protest against the Argentinian president, called by different social organizations and the General Confederation of Workers (CGT) union, and it is taking place simultaneously throughout the country.
The General Confederation of Labor (CGT) began a 24 hour general strike at midnight to protest the economic policy of President Mauricio Macri.
Public transport was expected to be paralyzed, including trains, buses, metro and national and international aircraft.
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.
The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.
The agency has spent billions subsidizing rural broadband — $34.5 billion from 2010 to 2017, according to the Government Accountability Office — with more money coming from other programs. As of the end of 2016, there are 24 million Americans without access to broadband.
FCC Chairman Ajit Pai said Friday that he hopes to start the auction in December and the fund proceeding later this year.
In the past Merkel has refrained from wading into monetary policy by defending the independence of the European Central Bank. President Donald Trump has been more pointed, arguing the Federal Reserve has been too aggressive in raising rates. In the U.K., the Bank of England has come under attack from pro-Brexit supporters over its grim economic forecasts about the costs of leaving the European Union.
The fortress walls of the Bank of England project an image of solidity, stability and impregnability. It matches the reputation it has tried to build over more than 400 years for sober analysis and, in recent years, steady impartiality.
Yet its defences have been infiltrated.
President Donald Trump’s economic advisor Kevin Hassett said Wednesday that Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin’s jobs are not under threat.
Hassett told an NBC News reporter at the White House that Powell’s role as the leader of the U.S. central bank is completely safe.
That assurance followed Hassett’s appearance on Fox Business, where the head of Trump’s Council of Economic Advisors said he is highly confident that the president is happy with Mnuchin.
(22.12.2018) President Donald Trump is opposed to the Federal Reserve’s rate hike campaign, but has never suggested firing Fed Chairman Jerome Powell, Treasury Secretary Steven Mnuchin said on Saturday.
„I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so,” Mnuchin said via Twitter.
Adriene Hill: So there were reports over the weekend that Trump has asked his advisers if he can remove Powell. And I want to start with just that big picture question here: Can he?
Binyamin Appelbaum: It’s a really big and open question at the moment. The law says that he can only remove a member of the Fed’s Board of Governors “for cause.”
The Federal Reserve sees economic growth slowing next year.
Amid concerns about weakening GDP growth, President Donald Trump cannot afford losing that selling point ahead of his 2020 re-election bid.
(20.12.2018) „If I were running Trump’s re-election campaign, Jay Powell would be my worst nightmare,“ CNBC’s Jim Cramer says.
Cramer argues the president is right to worry about a possible recession in 2019 as a result of the Powell’s rate hikes.
(18.12.2018) The greatest threat to President Donald Trump’s re-election bid may not be the slew of investigations closing in on his Oval Office but a possible economic slowdown. And the president knows it.
The Dow Jones Industrial Average fell again Monday, the latest dip in the roller coaster markets amid the strain of Trump’s trade war, rising interest rates and worries about a slowing global economy.
Trump does not have the legal authority to fire the Fed chair,
(10.10.2018) Investors have also been shaken by rising interest rates and bond yields triggered in part by recent Federal Reserve rate hikes.
On the surface, the tit-for-tat trade war between the U.S. and China appears to be turning into a currency war.