The US Bureau of Economic Analysis (BEA) has released its third and final estimate of GDP growth for the fourth quarter of 2022, reporting a 2.6% increase, a slight dip from the previous estimate of 2.7%. The third quarter saw a growth rate of 3.2%.0. "Gross Domestic Product, Fourth Quarter and Year 2022 (Third Estimate), GDP by Industry, and Corporate Profits" Forex Factory, 3 [...]

The United States and Japan have announced a trade agreement on electric vehicle (EV) battery minerals, granting Japanese automakers greater access to the US EV tax credit of $7,500.0. "U.S., Japan Sign Critical Minerals Trade Deal Without Meaningful Labor and Environmental Standards" Public Citizen, 28 Mar. 2023, https://www.citizen.org/news/u-s-japan-sign-critical-minerals-tr [...]

China has spent $240bn bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study by researchers from the World Bank, Harvard Kennedy School, Kiel Institute for the World Economy and the US-based research lab AidData.0. "China spent [...]

President Joe Biden on Friday urged Congress to enact tougher punishments for banking executives whose mismanagement contributes to the failure of their institutions, alluding to the collapse of Silicon Valley Bank and Signature Bank in recent days.“No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future, [...]

The past week has seen a turbulent time for the banking industry, with the collapse of Silicon Valley Bank and the near-collapse of First Republic Bank. US regulators intervened to take control of Silicon Valley Bank, while a private sector rescue was arranged for First Republic Bank. This, along with a backstop from the Swiss National Bank, has helped to restore relative calm [...]

On March 17, 2023, the US government took drastic action to respond to the collapse of Silicon Valley Bank and Signature Bank. A bailout of some $250k+ account depositors was proposed, though one adviser argued that this would create “moral hazard,” enabling more irresponsible behavior. Though this bailout may have been necessary, it is important to recognize the implicatio [...]

An economic downturn is looming as global banking crisis unfolds. Goldman Sachs on Thursday increased its odds of a recession by 10 percentage points, to 35%, and other economists are even less optimistic that the U.S. will be able to avoid an economic downturn, with those surveyed by Bloomberg putting the odds of a recession at 60%.0. "Odds of Recession Increase 10% After Bank [...]

On March 14th and 17th, 2021, Silicon Valley Bank collapsed and caused a massive financial crisis, prompting the federal government to step in with a bailout. Ultimately, it is up to the Biden administration to make sure that this kind of financial crisis does not happen again.0. "So Where Were SVB’s Regulators?" The Atlantic, 17 Mar. 2023, https://www.theatlantic.com/ideas/a [...]