The currency Lira has plunged after President of Turkey Erdogan appointed Hafize Gaye Erkan, the co-CEO of the failed First Republic Bank, as the new Central Bank Governor. Turkish President Erdogan, fresh from his re-election as president, has named Hafize Gaye Erkan as the new central bank head – and first ever female
According to experts, Germany’s recession is seen as the first falling domino within the EU, given that Germany has long been the flagship and a powerhouse of Europe. Germany entered a technical recession in the first quarter of 2023, according to recent figures from the Federal Statistical Office. What’s behind
Mark Zandi, chief economist at Moody’s Analytics, said that if the US defaults on its debt, no corner of the global economy will be spared. If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of
A new study published in the journal Science has warned that El Nino could wipe out $3 trillion of the world’s economy. El Nino is on the horizon, which can lead to severe heat waves and droughts in many countries, including India, and could take a $3 trillion toll on
The Rise of America’s Debt Ceiling has been visualized below using data from various sources, including the World Bank, U.S. Department of the Treasury, and Congressional Research Service. Every few years the debt ceiling standoff puts the credit of the U.S. at risk. In January, the $31.4 trillion debt limit – the
When the United States goes bankrupt, one consequence would be the loss of the US dollar as the global reserve currency, leading to the return of dollars held in many national reserve banks back to the US. The current known federal debt is $31.7 trillion according to the web site, US
While testifying at a Senate Defense Appropriation hearing, US Defense Secretary Lloyd Austin and other senior Pentagon officials warned of the “Chinese threat” in the event of a US default. US Defense Secretary Lloyd Austin and other senior Pentagon officials have urged lawmakers to extend the federal borrowing limit, insisting
According to the Buenos Aires-based consulting firm 1816 Economia & Estrategia, Argentina is on the brink of financial collapse as it has depleted all of its liquid international reserves and has reportedly spent an additional estimated $1 billion. Argentina’s fight to prevent its problematic currency from a total meltdown is
Chris Edwards, an economic analyst at the Cato Institute, said that as the U.S. owes a whopping $7 trillion to foreigners, the federal government would be forced to either hike taxes or cut spending immediately to be able to pay the increased interest. The good news during the latest government
