Thursday, October 8

Author: Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.
U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills
21Oct By Patti MohrNo Comments
Globalization, Disintegration, Nationalism, Populism, 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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Colin Powell On War, Diplomacy & Tolerance For Humanity
20Oct By Patti MohrNo Comments
Diplomacy and International Law

Colin Powell On War, Diplomacy & Tolerance For Humanity

Powell Achieved Success With Optimism, Focus And Hard Work October 20, 2021—Colin Powell served the United States as a soldier, a national security adviser, chairman of the Joint Chief of Staff, and the nation's top diplomat as Secretary of State from 2001-2005. While intensely popular for his leadership skills and political moderation, he shied away from a career in politics saying, he had "no political fire in his belly." On Monday, Powell passed away at the Walter Reed National Military Medical Center, in Bethesda, Md. He had COVID-19 despite having been vaccinated, multiple myeloma, and early-stage Parkinson's Disease. He was 84. For many Americans, Powell symbolized the ability to achieve success, not only as a strong leader but also as a minority who overcame difficulties o...
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Facebook Building Massive, New Virtual Platform
18Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Analysis

Facebook Building Massive, New Virtual Platform

Tech giants are building a "metaverse" to replace real life and the internet. Execs Say 'Metaverse' Will Replace The Internet With New Digital World October 18, 2021—Undaunted by criticism by lawmakers and former workers about the company's policies, Facebook is planning to build a massive virtual-reality platform called "metaverse." According to the tech giant, the metaverse is "a new phase of interconnected virtual experiences." What's interesting is that even as governments discuss ways to reign in and regulate the 3.5 billion-user platform, the company is growing ever larger and integrating itself deeper into human life. Meeting the Metaverse Metaverse is a concept of combining multiple virtual worlds into one that supersedes the internet. Big tech giants like Microsoft ...
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Congress Bides Time On Its Debt And Its Legal Limit
14Oct By Patti MohrNo Comments
Finance, 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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In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China
14Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Communism, Dictatorship, authoritarian, Globalization, Disintegration, Nationalism, Populism, Types of News: Brief

In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China

Decision Ends The Era Of Western-Owned Social Media In China File photo from LinkedIn in China October 14, 2021—In a sign that the global world is becoming more divided, Microsoft's LinkedIn is closing its operations in China. The company is planning to replace its LinkedIn in China with a China-centric application called InJobs. The goal of that standalone app is to help "China-based professionals find jobs in China and Chinese companies find quality candidates." Notably, it will not include a social media feed and will not allow users to share posts or articles. Mohak Shroff, LinkedIn's senior vice president of engineering announced the decision today in a blog post. "While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not foun...
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Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says
5Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says

Senate Subcommittee on Consumer Protection, Product Safety, and Data Security on October 5, 2021 October 5, 2021—In a bipartisan hearing investigating practices at Facebook and its platforms, senators promised to take on what they said is the "immense power" of big tech. If big tech won't act to protect consumers and children, "Congress has to intervene," said Sen. Richard Blumenthal, D-Connecticut, the subcommittee chair. He added that Facebook "dodged, sidetrack, and in effect misled" the subcommittee in August when the senators and staff engage the company in their investigation. It's reached a point, Blumenthal said, that "Facebook and big tech are facing a big-tobacco moment." "Big tech has gotten away with abusing consumers for too long," said Sen. Marsha Blackburn, R-Tennes...
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El Salvador’s Volcano-Powered Bitcoin Goes On Display
29Sep By Patti MohrNo Comments
Finance, Banks, Cryptocurrency, Metals, Types of News: Brief

El Salvador’s Volcano-Powered Bitcoin Goes On Display

September 29, 2021—Just a few weeks into its experience of using Bitcoin as its national currency, El Salvador, under the leadership of its entrepreneurial leader, is employing the use of its volcano to mine the cryptocurrency. President Nayib Bukele released a video today showing a state-owned geothermal facility on the side of El Salvador's volcano with Bitcoin mining machines. He introduced it on Twitter, saying "First steps." https://youtu.be/Y-S-oa3Rp8I The state-owned facility, LaGeo, is a subsidiary of the Comisión Ejecutiva Hidroeléctrica del Río Lempa. Bitcoin mining involves solving complex math problems with blockchain technology through high-powered computers. A study by the University of Cambridge suggests that Bitcoin mining consumes 121.36 terawatt hours ...
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‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee
28Sep By Patti MohrNo Comments
Finance, Banks, Cryptocurrency, Metals, Finance, Currency, Debt, National Budgets & Interest Rates, 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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Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit
27Sep By Patti MohrNo Comments
Finance, Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit

September 27, 2021--As the U.S. Senate got ready to vote on a resolution to fund the government and raise the breeched debt limit, officials from the Federal Reserve warned about dire consequences that could take place if the Treasury runs out of cash. John Williams, president of the Federal Reserve Bank of New York, warned about an "extreme kind of reaction in the markets" if the U.S. Congress would raise the current debt limit. The limit of $22 trillion is well below the current debt of $28 trillion, the GER reported in July. He said the U.S. Treasury market is at the center of the global financial system. If it stops functioning due to running out of cash, the global economy will feel it. "If you actually crossed that line and got to a place where the government wasn't paying off ...
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Central Asia Looks To Regional Alliances, UN For Leadership
23Sep By Patti MohrNo Comments
Diplomacy and International Law, Geopolitics, Globalization, Disintegration, Nationalism, Populism, Organizations, IMF, WTO, G7, UN Security Council, Types of News: Analysis

Central Asia Looks To Regional Alliances, UN For Leadership

September 23, 2021--Leaders from Pakistan, Tajikistan, and other Central Asian countries are strengthening regional alliances and looking to the international community for help in dealing with the humanitarian crisis in Afghanistan and security concerns in the region. In the absence of U.S. and NATO military involvement in Afghanistan, new partnerships and ways of thinking are taking shape to influence the region. Of first and foremost concern for many of the area’s leaders is the massive humanitarian crisis in Afghanistan. Pakistani Prime Minister Imran Khan said it is in the international community's collective interest to support the people of Afghanistan. “This moment should not be squandered," he said. “We must remember that the previous Afghanistan government survived on...
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