Wednesday, April 30

United States

The U.S. political situation grew increasingly polarized in the last two decades with both parties moving away from the ideological center. What started as intense partisanship has turned into outright extremism, in some cases. Extremism peaked after the 2020 presidential election. It culminated in a violent and deadly scene as the defeated candidate denied he lost the election and encouraged a mob to “fight like hell” at the U.S. Capitol. Several factors are increasing the divide, including gerrymandering–or carving out–districts, the primary system for selecting candidates in the two parties, the amplification of partisanship in cable news and mass media, and campaign finance.

IMF: Crypto, Stocks Surged In Response To Central Bank Policies Since 2020
11Jan By Patti MohrNo Comments
Big Tech, Digital Economy, Cryptocurrency, Currency, Debt, National Budgets & Interest Rates, Europe, EU, Eurozone, Types of News: Brief, United States

IMF: Crypto, Stocks Surged In Response To Central Bank Policies Since 2020

In Effect, The Policies Pose The Risk Of Shocks To The Financial Systems Photo by BTC Keychain January 11, 2022--Cryptocurrencies and stock market equities skyrocketed as central banks produced loose monetary policies amid the 2020 global pandemic. Although cryptocurrency prices and some high-growth stocks have dipped since the start of the year, they both "surged amid easy global financial conditions," the International Monetary Fund reported on today. That may come as no surprise among high finance investors who carefully watch interest rates established by central banks, especially those in the United States and Europe. But today's report by the IMF appears to be the first acknowledgment from the multilateral organization that government agencies are fueling the boom in r...
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Capital Attack Case ‘Far From Done,’ Justice Dept Says
6Jan By Patti MohrNo Comments
Democracy, Types of News: Analysis, United States

Capital Attack Case ‘Far From Done,’ Justice Dept Says

On the first anniversary of the attack on the U.S. Capitol by American protestors, the U.S. Justice Department said its ongoing investigation has resulted in more than 725 arrests nationwide and would continue to "follow the facts wherever they lead." "Those involved must be held accountable, and there is no higher priority for us at the Department of Justice," Attorney General Merrick B. Garland commented in a speech. "In the aftermath of the attack, the Justice Department began its work on what has become one of the largest, most complex, and most resource-intensive investigations in our history." January 6, 2021 It was a day that showed the fragility of the U.S. democratic republic. A new president had been elected, and the U.S. Congress was fulfilling its constitutional duty t...
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U.S. Deficit For FY2021 Reached $2.8 Trillion, CBO Says
10Nov By Patti MohrNo Comments
Global Economics, Types of News: Brief, United States

U.S. Deficit For FY2021 Reached $2.8 Trillion, CBO Says

November 10, 2021--For the fiscal year that ended September 30, the U.S. government ran a $2.8 trillion budget deficit, the Congressional Budget Office reported on Monday. The figure was $360 billion less than the deficit in 2020 but three times the deficit from 2019. As a share of the GDP, the 2021 deficit was 12.4 percent the size of the economy. That's down from 15 percent at the peak of the pandemic in FY2020 but up from 3.2 percent in 2016. Federal spending increased above normal levels in 2020 and 2021 in response to the pandemic. They included the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program and Health Care Enhancement Act, the Consolidated Appropriations Act, 2021 (CAA), and the American Rescue Plan Act of 2021 (ARPA). Meanwhi...
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Fed Decision ‘Skews Risk Toward Inflation’
3Nov By Patti MohrNo Comments
Finance, Investing, Global Economics, Types of News: Brief, United States

Fed Decision ‘Skews Risk Toward Inflation’

Despite Economic Recovery And Rising Prices, U.S. Central Bank Keeps Interest Rates Near Zero November 3, 2021—The Federal Reserve announced today it will begin reducing the amount of Treasury securities it purchases every month, in light of economic progress. However, in a move that mirrors the European Central Bank decision, the U.S. central bank is maintaining an accommodative stance on monetary policy, meaning it will continue to increase the money supply. Specifically, the committee is keeping the Federal funds rate at 0 to 0.25 percent, which is slightly above Europe's negative rates. A key point is the Fed is no longer basing the decision on the U.S. unemployment rate, which is historically low. The measure of success for the central bank now includes the labor participat...
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U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills
21Oct By Patti MohrNo Comments
Globalization, Global Disintegration, 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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Congress Bides Time On Its Debt And Its Legal Limit
14Oct By Patti MohrNo Comments
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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‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee
28Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, 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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U.S. Treasury Secretary Warns — Again — About Breach Of Debt Limit
9Sep By Patti MohrNo Comments
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...
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Biden Defends Exit From Afghanistan, Cites Trump’s 2020 Agreement With The Taliban
31Aug By Patti MohrNo Comments
Democracy, Types of News: Brief, Types of News: Videos, United States

Biden Defends Exit From Afghanistan, Cites Trump’s 2020 Agreement With The Taliban

Nation-Building Through The Military Does Not Work August 31, 2021--In a significant and riveting speech, President Joe Biden defended his decision to complete the withdraw of U.S. troops from war-torn Afghanistan. The speech is noteworthy not only for its forcefulness. It is also relevant for its acknowledgment of a failure and an end to a U.S. policy of promoting democracy through the use of military forces. Biden faced opposition in the United States and around the world for his decision to withdraw troops from Afghanistan. https://www.youtube.com/watch?v=GJRpSm4DdPk
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Despite Falling Numbers, U.S. Still Locks Up More Prisoners Than Any Other Country
18Aug By Patti MohrNo Comments
Democracy, Domestic Politics, Political Systems, Domestic Politics, Types of News: Brief, United States

Despite Falling Numbers, U.S. Still Locks Up More Prisoners Than Any Other Country

Photo by Hédi Benyounes August 18, 2021--The U.S. prison population fell to the lowest level in 2019 since 1995, according to recently released data from the U.S. Justice Department. In 2019, U.S. correction facilities held 6.3 million people, about 65,200 fewer than the previous year. That represented about 1 in 40 U.S. residents under correctional supervision in America. Though the figure declined by about 3 percent over a decade, it still represents the world's largest per capita imprisonment, according to the data available by the World Prison Brief. China's Numbers Aren't A Total It's significant to note, however, that the imprisonment rate in China does not include people held in pre-trial detention – a figure that might total more than 650,000, or up to one million Uyghu...
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