Some people attribute the record corporate profits to driving inflation, while others cast doubt on that theory since they believe it is unlikely that a significant change in corporate concentration occurred during the pandemic over the course of just a few years.
According to central bank chief Riad Salameh, Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on February 1, which will devalue the currency by 90%.
Major US banks have reported mixed results for the fourth quarter, as bank executives pointed to the rising odds of a "mild recession," with inflation and interest rate hikes challenging households and businesses. It seems like big US banks are preparing for a mild recession.
It’s been a rough year for advocates of Modern Monetary Theory (MMT). After nearly two years with all the budget deficits and money printing MMTers could have wanted, the doctrine’s popularity seems to have faded now that we’re well passed the honeymoon phase. 2022 has clearly demonstrated that creating a lot of new money and running massive government deficits does, in fact, come at a cost. We should let this theory die before it causes any more destruction.
According to a new report by Bloomberg, the Arctic Silk Road has come to life as Russia sends oil to China through the Bering Strait.
According to data from the US census, more Americans now hold two or more jobs, with women more likely than men to hold multiple jobs.
After FedEx failed expectations for revenue and earnings in its first quarter, the CEO became pessimistic. Additionally, the business revoked its full-year guidance. The FedEx CEO has predicted a worldwide recession.
India has overtook UK to become the fifth biggest economy in the world. Furthermore, the IMF has predicted that this will become the new normal, with India set to overtake the UK up until 2027, becoming the fourth-largest economy in the world while the UK falls to sixth.
The data from the most recent Africa Wealth Report shows a snapshot of wealth in Africa, with Mauritius being the richest.
House Speaker Nancy Pelosi wondered aloud how Republicans could vote against Mother Earth. West Virginia Senator Joe Manchin possibly wondered how Republicans could vote against his so-called "Inflation Reduction Act (IRA)." In reality, Pelosi was closer to describing the contents of the IRA than was Manchin.