Patti Mohr

U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit

9Sep

By Patti MohrNo Comments

Finance, Currency, Debt, National Budgets & Interest Rates, Types of News: Brief, United States

U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit

Photo by Alexander Schimmeck, courtesy Unsplash U.S. Government Likely to Run Out Of Cash By October Without Act of Congress September 9, 2021--U.S. Treasury Secretary Janet Yellen wrote another letter to leaders of Congress yesterday, pleading for lawmakers to authorize a higher level of government spending than the $28.7 trillion currently owed. Having breached the last debt limit long ago, Treasury is relying on extraordinary measures, such as suspension of making payments to certain disability and benefits funds and thrift savings plans, to pay its bills. Like Yellen's last letter in July, the Sept. 8 letter does not mention the amount of the current U.S. debt. Neither does it mention that the U.S. government surpassed the last debt limit of $22 trillion long ago. Congre...

After Afghanistan’s Fall, Europe Seeks Greater Autonomy Over Its Foreign Policy

3Sep

By Patti MohrNo Comments

Diplomacy and International Law, Europe, EU, Eurozone, and United Kingdom, Types of News: Videos

After Afghanistan’s Fall, Europe Seeks Greater Autonomy Over Its Foreign Policy

September 3, 2021--Disappointed about the way the U.S. military and political leadership withdrew from Afghanistan, European Union leaders said they have to strengthen their own defense capabilities and build stronger autonomy in foreign policy decisions. "What we need is a strong and common voice in the international scene," said David Sassoli, President of the European Parliament. "Europe must take up its own responsibility, must have a voice, which can be heard, and must set and protect its own interests." -Sept. 1 at the Bled Strategic Forum Reduce Reliance and Strengthen Auonomy President of the European Council Charles Michel, said the "chaotic withdraw from Afghanistan" forces European leaders to "reduce our dependenc...

WTO Rejects All Legal Claims By China in U.S. Tariffs on Solar Imports

3Sep

By Patti MohrNo Comments

Global Trade, Organizations, IMF, WTO, G7, UN Security Council, Types of News: Brief

WTO Rejects All Legal Claims By China in U.S. Tariffs on Solar Imports

U.S. Safeguard Tariffs Set To Expire in February 2022 September 3, 2021--The world's legal body for settling trade disputes rejected a complaint yesterday by China over U.S. tariffs on solar products made in China. The World Trade Organization's Dispute Settlement body denied all of China's claims against the U.S. safeguard tariff on China-made solar materials called Crystalline Silicon Photovoltaic Products. A safeguard measure is a temporary trade restriction countries apply to an import that occurs in such high quantities that it causes serious injury to the domestic industry. They are allowed under WTO rules for emergency and temporary use. Dispute Started in 2018 In 2017, the U.S. International Trade Commission responded to a complaint by Suniva, Inc. and SolarWorld Am...

Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says

1Sep

By Patti MohrNo Comments

Finance, Banks, Cryptocurrency, Metals, Types of News: Videos

Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says

Asset Class Lacks Protections, Leaving Investors Vulnerable September 1, 2021--Cryptocurrency platforms that provide direct access to millions of people leave investors "vulnerable" and are "rife with fraud, scams, and abuse," according to Gary Gensler, chairman of the U.S. Securities and Exchange Commission. Need for Public Policy Speaking by videoconference to the European Parliament Committee on Economic and Monetary Affairs, Gensler warned that "financial innovations throughout history don’t long thrive outside of public policy frameworks." Gensler is not the first public official to warn about the inherent dangers of investing in cryptocurrencies. Policymakers are increasingly taking an interest. The Bank for International Settlements warned about the rapid rise of virtua...

In Emergency Meeting, G7 Makes Coordinated Plan on Afghanistan

24Aug

By Patti MohrNo Comments

Diplomacy and International Law, Foreign Aid, International Development, Geopolitics, Human rights, Types of News: Brief, Types of News: Videos

In Emergency Meeting, G7 Makes Coordinated Plan on Afghanistan

European Council Urges U.S. Military to Keep Kabul Airport Open 'As Long As Necessary' to Complete Evacuations August 24, 2021--In an emergency meeting on Afghanistan held virtually today along with heads of NATO and the United Nations, leaders in the G7 industrialized countries promised a series of steps to stay active in dealing with a Taliban-controlled Afghanistan and the fallout of the ensuing humanitarian crisis. The G7 includes the United States, Canada, the United Kingdom, France, Italy, Germany and Japan. Facing the largest humanitarian crisis of the year due to the Taliban's takeover of Afghanistan, the G7 leaders met to coordinate a diplomatic strategy. Namely, the G7 leaders promised to take the following actions: Coordinate the immediate international humanitar...

Haitian Gangs Disrupted Lives Before the Quake; Now They’re Disrupting Relief Efforts

23Aug

By Patti MohrNo Comments

Corruption, Bribes, Illicit Finance & Money Laundering, Foreign Aid, International Development

Haitian Gangs Disrupted Lives Before the Quake; Now They’re Disrupting Relief Efforts

August 23, 2021--Even before the 7.2 magnitude earthquake shook Haiti and dislocated tens of thousands of people from their homes, thousands of others fled the safety of their homes imperiled by violent clashes between gangs. In fact, the small country experienced an "unprecedented rise" in gang violence this Summer. In June alone gang violence uprooted 5,000 people from their homes. "Widespread incidents of gang violence and the burning of hundreds of houses in the metropolitan area has led to numerous victims, deaths, and injuries," the UN Office for the Coordination of Humanitarian Affairs reported in June. Gangs Disrupting Aid Distribution Haiti is the poorest country in the Western Hemisphere. Its population is heavily reliant on humanitarian aid, with about 40 percent of it...

IMF Making $650 Billion Available to Members On Monday

20Aug

By Patti MohrNo Comments

Global Economics, Organizations, IMF, WTO, G7, UN Security Council, Types of News: Brief

IMF Making $650 Billion Available to Members On Monday

Fund Blocks Afghanistan And Venezuela From Benefitting From Special Drawing Right In an emergency decision, the IMF is creating reserves for nearly all members. Countries can exchange it for cash or keep as reserves. August 20, 2021--The International Monetary Fund is set to make available $650 billion in drawing rights on August 23 to nearly all of its 190 members. Creating Cash through Special Drawing Rights It's a historic distribution by the fund, made to mitigate the impact of the global pandemic. The IMF executive board approved the emergency decision in July. IMF members will be able to exchange the Special Drawing Right for hard currency with central banks of countries. They could also keep it as part of their reserves. The allocation is neither a donation nor a ...

And Just Like That, The Taliban Seize Control Of Afghanistan

16Aug

By Patti MohrNo Comments

Geopolitics, Types of News: Analysis

And Just Like That, The Taliban Seize Control Of Afghanistan

August 16, 2021--The writing was on the wall even as representatives from Russia, China, the United States, and Pakistan met with Afghan and Taliban political leaders last week in Qatar. Their goal was to negotiate a political settlement. But as they met, Taliban fighters were taking city after city under their vengeful control. By Saturday, they had circled Kabul, the nation's capital. The next day, they took that too. Afghan President Ashraf Ghani left the country, saying that he left to avoid bloodshed. Soon, Taliban fighters posed for photos in the presidential palace. They removed the Afghanistan flag, rolled it up, and waited for their political leader to return from Qatar. "I spent eight years in Guantanamo Bay," a Taliban commander behind a large, ornate desk in the president...

No Foreseeable Change In US-China Trade Status, Despite Push By U.S. Businesses

11Aug

By Patti MohrNo Comments

Domestic Politics, Global Trade, Types of News: Analysis

No Foreseeable Change In US-China Trade Status, Despite Push By U.S. Businesses

Image of port by Maksym Kaharlytskyi via Unsplash US Business Leaders Cite 'Core Structural Economic Concerns' in US-China Relationship August 11, 2021--Even as competition and disagreements intensify between the world's largest two economies, U.S. business leaders are urging U.S. and Chinese trade representatives to return to the negotiating table. More than 30 business, agricultural and trade organizations signed a letter to Treasury Secretary Janet Yellen and US Trade Representative Katherine Tai late last week. The industry leaders asked U.S. trade representatives to work with the Chinese government on implementing an existing trade deal. Furthermore, they asked for relief from tariffs and retaliatory tariffs. President Joe Biden, meanwhile, is emphasizing domestic renewal...

Interpol Cracks Down On Human Trafficking Worldwide

10Aug

By Patti MohrNo Comments

Corruption, Bribes, Illicit Finance & Money Laundering, Organizations, IMF, WTO, G7, UN Security Council, Types of News: Brief

Interpol Cracks Down On Human Trafficking Worldwide

Interpol launched a five-day effort to crack down on trafficking of persons this Summer. Five-Day Operation Shows Scope of Human Trafficking Worldwide August 10, 2021--Interpol investigators rescued 430 victims of human trafficking and arrested 286 suspects in a collaborative sting operation against criminal trafficking this Summer. It was a five-day enforcement operation in July that included law enforcement officials from 47 countries. They called it "Operation Liberterra." The result was a crackdown that identified 4,000 irregular migrants from 74 countries. That's in addition to making arrests of suspected traffickers and helping victims. Five-Day Snapshot of Global Trafficking “Operation Liberterra is a five-day snapshot of the global trafficking and smuggling situation...