Joe Biden has stated the US remains the world’s leading economy and will always have such a status. This might not be an empty promise, however. Unlike many other politicians around the world, he actually may back up his words with action.
The US has always come on top against other countries, but even with very few challenges, keeping the lead is not an easy task. The only country that can seriously challenge US economic dominance is China. The US president reminded others that the United States is better prepared than anyone else to lead the global economy in the future. Speaking at a meeting on economic matters with his administration, Biden praised the state of the US economy and noted its advantageous position compared to other countries.
“It was clear to me, and I think to most people, in those meetings that the United States is as well or better positioned than any other nation in the world to lead the world on the economy in the years ahead. And there’s a strong sense from all the leaders of the world of the strength of the American economy,” Joe Biden said.
He added that 10 million new jobs were created during his presidency.
US Treasury Department warns banks against sanctions overcompliance
Top US Treasury Department officials addressed what they saw as a troubling pattern when it came to sanctions and other forms of risk as banks were being overcautious and turning away customers who may have needed them the most. Swamped with red tape, US financial institutions often cripple the entire financial system.
14:52 2023-01-26 UTC+00
Brazil and Argentina to create common currency
According to the Financial Times, Brazil and Argentina are in early talks to create a common currency.In the coming week, South America’s two biggest economies are set to announce the start of preparatory work on a common currency. The authorities’ initial efforts will be focused on analyzing the possibilities of a new means of payment.
13:28 2023-01-26 UTC+00
SNB records biggest loss in its history
The Western financial system continues to come apart at the seams. Even Switzerland, which has always been famous for its reliable banks, cannot boast of good results.Citing preliminary figures, the Swiss National Bank posted an annual loss of 132 billion Swiss francs ($143 billion) in 2022, the biggest one in its 116-year history.
11:59 2023-01-26 UTC+00
Bank of Japan to keep ultra-loose policy this year
Unlike most of its counterparts, the dovish Bank of Japan said it would maintain an ultra-loose monetary stance this year.Governor Haruhiko Kuroda presented a list of events scheduled for 2023. He said the central bank would continue with monetary easing to bring inflation to the 2% target in a stable manner and trigger wage growth.
08:26 2023-01-26 UTC+00
First tanker with US LNG arrives in Germany
The German energy market, which was earlier dominated by Russia, is now under control of the US and suppliers from the Middle East. The beginning of the new year saw the first tanker with US liquefied natural gas (LNG) arrive in the German port of Wilhelmshaven.While Russia now desperately looking to sell its gas to new buyers at a big discount, US suppliers are taking advantage of the situation.
17:17 2023-01-25 UTC+00
Twitter stuck with endless lawsuits
Throughout its existence, the Twitter social media platform has had to deal with a plethora of lawsuits. Interestingly, the world’s wealthiest person Elon Musk settled his takeover deal in court. The latest twist in the saga is that the landlord of Twitter’s headquarters filed a lawsuit against Elon Musk’s company. The real estate company sues Twitter for $136K in unpaid rent.
15:55 2023-01-25 UTC+00