Argentina - President Addresses United Nations General Debate, 79th Session | UNGA

Javier Gerardo Milei, President of the Argentine Republic, addresses the General Debate of the 79th Session of the General Assembly of the UN (New York, 24 -28 and 30 of September 2024).

World leaders gather to engage in the annual high-level General Debate under the theme, "Unity and diversity for advancing peace, sustainable development, and human dignity, everywhere and for all." Heads of State and Government and ministers will explore solutions to intertwined global challenges to advance peace, security, and sustainable development.

The UN General Assembly (UNGA) is the main policy-making organ of the Organization. Comprising all Member States, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter of the United Nations. Each of the 193 Member States of the United Nations has an equal vote.

John Major Gives Starmer and His Acolytes Some Advice

One of the best of Conservatives gives our authoritarian prime minister and the Labour Party some sound economic advice.

China Unveils Biggest Stimulus since the Pandemic — Is It Enough? | DW Business

Sep 24, 2024 | The Chinese central bank is pushing stimulus aimed at reviving the country's stalling economy. The list of measures includes lowering borrowing costs and allowing banks to increase lending. This surprise news came as the Chinese economy has increasingly looked like it will miss its own 5% growth target for this year.

American Corporations Are Buying Up Britain–It's Very Bad for Ordinary British People: Angus Hanton

Premiered Sep 19, 2024 | NTD’s Lee Hall sits down with economist and entrepreneur Angus Hanton to discuss how Britain’s businesses are being taken over by U.S. interests, the scale of the takeover, what’s behind it, and why no one is talking about it.

The Writing Is On the Wall: Saudi Arabia’s Collapse Is Imminent

Sep 6, 2024

Argentinien: Staatssanierung auf Kosten der Bevölkerung? | DW Nachrichten

Aug 21, 2024 | Argentiniens Präsident Milei setzt drastische Kürzungen der Staatsausgaben durch Als Folge verlieren viele Menschen ihre Jobs. Die Inflationsrate sinkt, die Armut steigt. Vor allem Rentnerinnen und Rentner leiden - und protestieren.

Genau das, was ich bei Mileis Amtsantritt geschrieben habe! Mileis Wirtschaftspolitik wird nur Elend bringen, und am Ende wird seine Politik wenig lösen. Ein weiteres rechtsextremistisches Experiment ist sicherlich zum Scheitern verurteilt. – © Mark Alexander

John Anderson Media: Failed Predictions, Printing Money and Cryptocurrency | Lord Mervyn King

Aug 2, 2024 | John Anderson speaks with Lord Mervyn King about the shortcomings of modern economics, including its detachment from practical issues and over-reliance on modelling. They discuss the failures of economic forecasting during the COVID-19 pandemic and on climate change, stressing the importance of humility and honesty from policymakers. The discussion extends to socio-economic challenges like rising national debt and intergenerational inequality in Western democracies.

The conversation also touches on modern monetary theory, quantitative easing, and the geopolitical implications of trade policies, especially with China. Lord King offers a critique of central bank digital currencies and cryptocurrencies, advocating against a completely cashless society. The interview ends with a call for younger leaders to step up and for current leaders to be more transparent about the sacrifices needed to address societal challenges.

Baron King of Lothbury is emeritus professor of economics at the London School of Economics, and the former Governor of the Bank of England. He served as Governor of the Bank of England and Chairman of its Monetary Policy Committee from 2003 to 2013. Lord King was knighted in 2011, made a life peer in 2013, and appointed a Knight of the Garter in 2014. His most recent books include The End of Alchemy, and another he co-authored, Radical Uncertainty: Decision Making for an Unknown Future.

UK’s 100-Year Economic Decline - No 1 to Failed State

Aug 19, 2024 | A look at the relative decline of the UK economy in the past 110 years.

Was die deutsche Wirtschaft jetzt wirklich dringend braucht | WISO

Aug 18, 2024 | Von Arbeitsethos bis Zuversicht – wer hinter die Kulissen von Wirtschaft und Mittelstand schaut, findet viel davon. Nur die Zahlen sind schlecht. Was ist nur los in Deutschland?

Corona-Folgen, Ukrainekrieg, globale Konkurrenz – all das lastet auf deutschen Unternehmen. Sie ringen mit hohen Energiepreisen, Fachkräftemangel, Bürokratie, politischen Vorgaben. Dennoch heißt es oft: Wir wuppen das, denn die Substanz stimme doch. Stimmt das noch?

Wall Street Sees Best Day of Trading in Nearly Two Years amid Recovery Rally

THE GUARDIAN: Indices rise days after S&P endured worst day in almost two years amid global stock market sell-off

Wall Street enjoyed its best day of trading in nearly two years, recovering most of the losses it suffered during a sell-off sparked by US economic fears earlier this week.

The S&P 500 rose 2.3% to 5,319.32, its biggest single-day jump since November 2022. The Dow Jones industrial average rose 1.8% to 39,446.49. The technology-focused Nasdaq Composite rose 2.9% to 16,660.02. » | Callum Jones in New York | Thursday, August 8, 2024

Global Markets Jittery After Sharp Share Price Falls

BBC: Stock markets in Europe remained unsettled on Tuesday despite a rebound in Japan which almost reversed record falls at the start of the week.

London's FTSE 100, along with stock markets in Paris and Frankfurt, opened higher but soon slid back.

Overnight, Japan's Nikkei 225 stock index jumped by 10.23%, or 3,217 points in its biggest one day gain in points, after the previous day's plummet.

Focus has now shifted to US stock markets, which open in a few hours, after a couple of days of torrid trading. » | João da Silva and Dearbail Jordan, Business reporters, BBC News | Tuesday, August 6, 2024

Google Violated Antitrust Laws in Online Search, Judge Rules

THE NEW YORK TIMES: The landmark ruling by Judge Amit P. Mehta was the first antitrust decision of the modern internet era in a case against a technology giant.

Google acted illegally to maintain a monopoly in online search, a federal judge ruled on Monday, a landmark decision that strikes at the power of tech giants in the modern internet era and that may fundamentally alter the way they do business.

Judge Amit P. Mehta of U.S. District Court for the District of Columbia said in a 277-page ruling that Google had abused a monopoly over the search business. The Justice Department and states had sued Google, accusing it of illegally cementing its dominance, in part, by paying other companies, like Apple and Samsung, billions of dollars a year to have Google automatically handle search queries on their smartphones and web browsers.

“Google is a monopolist, and it has acted as one to maintain its monopoly,” Judge Mehta said in his ruling.

The ruling is a verdict on the rise of giant technology companies that have used their roots in the internet to influence the way we shop, consume information and search online — and indicates a potential limit of Big Tech’s power. The ruling is likely to influence other government antitrust lawsuits against Google, Apple, Amazon and Meta, the owner of Facebook, Instagram and WhatsApp. The last significant antitrust ruling against a tech company targeted Microsoft more than two decades ago. » | David McCabe, Reporting from Washington | Monday, August 5, 2024

Shares in New York and London Tumble On Fears of US Recession

THE GUARDIAN: FTSE 100 on track for its lowest close since April and Japan’s Nikkei suffers biggest fall since crash of 1987

Shares on Wall Street and in London have fallen heavily amid a global stock market rout triggered by fears of a recession in the US.

The tech-focused Nasdaq index dropped by 6% as trading in New York opened on Monday, while the broader S&P 500 index fell by 4.2% in a sell-off triggered by weak US jobs data. The Dow Jones industrial average lost more than 1,100 points, a 2.8% decline.

Japan’s benchmark stock index, the Nikkei 225, suffered its biggest decline for nearly four decades. It was down by 12%, the biggest single-day fall since the Black Monday crash of 1987. Other stock indices around the world were lower as investors dumped riskier assets. South Korea’s Kospi fell by 9%, Germany’s Dax was down 2%, and share indices in Australia, Hong Kong and China also fell heavily. » | Jasper Jolly and Graeme Wearden | Monday, August 5, 2024

Advice: When the Stock Market Drops, Stay Calm and Do Nothing: There is no reason to think that you can predict what will happen in the markets in the next few hours or in the near future. It’s better not to try. »

Bitcoin and other cryptocurrencies plunge, mirroring global markets.: The precipitous falls show that digital currencies remain vulnerable to the same broader economic forces that affect technology stocks and risky investments. »

Global Markets Jolted by Signs of U.S. Economy Slowing

THE NEW YORK TIMES: U.S. stocks fell sharply, after markets recorded heavy declines in Asia and Europe.

A wave of panic rippled through financial markets on Monday, with stocks falling sharply in the United States and around the world as investors zeroed in on signs of a slowing American economy.

Monday’s drop extended a sell-off that had begun last week, after the U.S. jobs report on Friday that showed significantly slower hiring, with unemployment rising to its highest level in nearly three years. This deepened fears that the world’s largest economy could be sliding into a recession and that the Federal Reserve may have waited too long to cut interest rates.

The drop was exacerbated by other factors — concerns that technology stocks had run up too far too fast, and that a suddenly strengthening yen would hurt the prospects of Japanese companies and some global traders — both hit markets too. » | The New York Times | Monday, August 5, 2024

Global Stock Markets Sink On US Economy Fears

BBC: Stock markets across Europe and Asia tumbled on Monday, spooked by fears that the US economy is heading for a slowdown.

In London, the FTSE 100 index opened 2.3% lower while the Euronext 100 tumbled by 3.5%.

They followed sharp falls across Asia with Japan's Nikkei 225 dropping 12.4% or 4,451 points in the biggest fall by points in history.

It follows weak jobs data in the US on Friday which sparked concerns about the world's largest economy.

Meanwhile, the yen has been strengthening against the US dollar since the Bank of Japan raised interest rates last week, making stocks in Tokyo more expensive for foreign investors.

Stock markets in Taiwan, South Korea, India, Australia, Hong Kong and Shanghai all tumbled. » | João da Silva, Business reporter | Monday, August 5, 2024

THE NEW YORK TIMES: Markets Around the World Are Jolted by Fears of Slowing U.S. Growth: A rout that began in Asia continued in Europe, and U.S. stocks are set to fall. Japan’s benchmark index logged its worst single-day point decline. »

Bank of England Cuts Interest Rates to 5% in Narrow Vote

THE GUARDIAN: Reduction is first since March 2020 as governor says inflationary pressures have ‘eased enough’ to enable cut

The Bank of England has cut interest rates for the first time since the start of the Covid pandemic, moving to ease the pressure on households after ratcheting up borrowing costs to combat the worst inflation shock in four decades.

In a finely balanced decision after holding borrowing costs at the highest level since the 2008 financial crisis for a year, the Bank’s monetary policy committee (MPC) voted by a narrow majority to cut its base rate by a quarter of a percentage point to 5%.

Exposing divisions within the central bank’s most senior ranks over the timing of a cut, the MPC was split by five votes to four, with the governor, Andrew Bailey, casting the deciding vote for the first reduction in borrowing costs since March 2020. » | Richard Partington, Economics correspondent | Thursday, August 1, 2024

Don’t be fooled by the interest rate cut – higher rates are here to stay: Mortgage payers and business owners vainly hope cut to 5% signals return to pre-pandemic era of cheap borrowing »

Bank of England Set to Rain on Hopes of Interest Rate Cut after Economic Bounce

THE GUARDIAN: This week’s Bank meeting is unlikely to bring borrowers any joy amid a strong recovery from 2023’s mild recession

Savers are always on the lookout for the best interest rates and the UK seems like a good bet at the moment. In recent months, the pound has climbed in value against the euro and the dollar as economists speculate that UK interest rates will remain at 5.25% for longer than previously expected.

While the odds of a cut in borrowing have shortened, with a narrow majority of City analysts expecting a reduction, few outside the Square Mile believe a change is imminent. » | Phillip Inman | Sunday, July 28, 2024

Stock Markets Tumble amid Jitters over Tech Companies’ Growth

THE GUARDIAN: Losses in Europe and Asia are driven by AI-related groups including Nvidia, Tesla and Google-owner Alphabet

Stock markets in Europe and Asia took a tumble on Thursday, as jitters over the future growth of major tech companies sparked a global sell-off.

The pan-European Stoxx 600 dropped 1.3% to its lowest level since May this year, having been hit by a 2.75% decline in the Dutch chipmaker ASML, a 5.5% drop in Germany’s Infineon Technologies, and a 12.8% fall in Switzerland’s semiconductor company STMicroelectronics.

The rout began in the US overnight, where the tech-focused Nasdaq fell 3.6% on Wednesday, marking its biggest single-day decline since 2022. About $1tn (£776bn) was knocked off the value of the Nasdaq 100, which covers the most valuable firms on the index. » | Kalyeena Makortoff | Thursday, July 25, 2024

Why Britain Joined the EU

Jun 5, 2024 | On D-Day we remember how brave men and women from many allied countries fought the final battles against the Nazis to bring the most brutal world war to an end in Europe. Peace came at last as a direct result of their enduring efforts.

Tens of thousands of lives were tragically and horribly lost in the pursuit of that aim. But how was lasting peace achieved between European countries that, for centuries, had been more used to resolving their differences through violence, war, and subjugation?

The European Community, established during the post-war years and now called the European Union, played a key role. Yes, NATO helped to protect us from external threats. But it was the European Union that brought sustained security and peace between its members.

By collaborating and cooperating, in peace and democratically, to decide on the running and future direction of our continent, European countries found and agreed solutions to common problems.

It worked. Never has a shot been fired between EU member states. An amazing achievement, for which the EU won the Nobel Peace Prize in 2012. So, when people ask, ‘Why was the EU started?’ the answer, first and foremost, was peace. Yes, trade was one of the means, but peace was the primary goal. And it’s why Britain joined the European Community. To work together, peacefully and democratically, with our European allies to recreate our post-war continent based on democracy, human rights, free market trade and the rule of law.

Did people truly understand this when ticking the ‘Leave’ box in the 2016 referendum?

Robert Reich: The Real Welfare in America I 10 Economic Myths Debunked

Jul 12, 2024 | The Wells Fargo exec overseeing their customer account scam got a $125 million exit package. Meanwhile, most Americans who lose their jobs get only limited unemployment benefits. When I say we have socialism for the rich, harsh capitalism for the rest, this is what I mean.