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Putin: Biden admin killing USD with its own hands

Russia’s president Vladimir Putin has the U.S. dollar in his crosshairs. But Putin, who recently appeared in a highly divisive interview with Tucker Carlson, seems to believe President Joe Biden’s administration has no one but themselves to blame for that, accusing them of “killing [the dollar] with their own hands” by using the currency as a weapon of foreign policy. “The dollar is the cornerstone of the United States’ power... it is the main weapon used by the U.S. to preserve its power across the world,” the Russian leader said. “As soon as the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American power.” Putin’s next step appears to be to launch its own settlement and payment system for the so-called BRICS nations. In an interview with Sputnik, the Russian state media, Finance Minister Anton Siluanov said the planned system will be “outside of politics, independent of Western unfriendly infrastructure.” Siluanov told Sputnik Russia is ready to test what it’s calling a BRICS Bridge System with any countries that express an interest. In his interview with Carlson — where his comments were translated live from Russian to English — Putin suggested the de-dollarization effort was seeing some success, with even U.S. allies “downsizing the dollar in their reserves.” Should the Biden administration be worried?

By Bethan Moorcraft | 02.28.24

Russia’s president Vladimir Putin has the U.S. dollar in his crosshairs. But Putin, who recently appeared in a highly divisive interview with Tucker Carlson, seems to believe President Joe Biden’s administration has no one but themselves to blame for that, accusing them of “killing [the dollar] with their own hands” by using the currency as a weapon of foreign policy. “The dollar is the cornerstone of the United States’ power... it is the main weapon used by the U.S. to preserve its power across the world,” the Russian leader said. “As soon as the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American power.” Putin’s next step appears to be to launch its own settlement and payment system for the so-called BRICS nations. In an interview with Sputnik, the Russian state media, Finance Minister Anton Siluanov said the planned system will be “outside of politics, independent of Western unfriendly infrastructure.” Siluanov told Sputnik Russia is ready to test what it’s calling a BRICS Bridge System with any countries that express an interest. In his interview with Carlson — where his comments were translated live from Russian to English — Putin suggested the de-dollarization effort was seeing some success, with even U.S. allies “downsizing the dollar in their reserves.” Should the Biden administration be worried?

By Bethan Moorcraft | 02.28.24

Ohio mom charged more than $1K for Subway sandwich

A social worker in Ohio was left struggling to pay her bills and feed her family after a simple Subway order set her back a whopping $1,021.50. With a bill that size, it would be reasonable to expect a foot-long list of sandwich orders. But Letitia Bishop, a mom-of-two from Columbus, took that monstrous charge on her debit card to buy just three Subway sandwiches — one of which cost a cool $1,010, according to her Jan. 5 receipt, which she shared with WSYX ABC 6's “On Your Side”. When Bishop realized the error, she returned to the Subway at a Thorntons gas station on Winchester Pike, where she was advised to contact Subway’s corporate office. She claimed she had no luck getting through to “a live person” at Subway and when she tried the local store again, she found it “temporarily closed.” Bishop eventually reached out to WSYX for help in reclaiming her money. “I’m just trying to make ends meet at this point in time,” she told the ABC 6 news station, adding that she felt “stressed, overwhelmed [and] couldn’t get groceries at one point because my account was negative.” She told WSYX “there’s no way” she’d ever pay that much for a sandwich — especially from Subway — “unless it’s wrapped in gold.” Here’s how the sandwich saga played out.

By Bethan Moorcraft | 02.28.24

A social worker in Ohio was left struggling to pay her bills and feed her family after a simple Subway order set her back a whopping $1,021.50. With a bill that size, it would be reasonable to expect a foot-long list of sandwich orders. But Letitia Bishop, a mom-of-two from Columbus, took that monstrous charge on her debit card to buy just three Subway sandwiches — one of which cost a cool $1,010, according to her Jan. 5 receipt, which she shared with WSYX ABC 6's “On Your Side”. When Bishop realized the error, she returned to the Subway at a Thorntons gas station on Winchester Pike, where she was advised to contact Subway’s corporate office. She claimed she had no luck getting through to “a live person” at Subway and when she tried the local store again, she found it “temporarily closed.” Bishop eventually reached out to WSYX for help in reclaiming her money. “I’m just trying to make ends meet at this point in time,” she told the ABC 6 news station, adding that she felt “stressed, overwhelmed [and] couldn’t get groceries at one point because my account was negative.” She told WSYX “there’s no way” she’d ever pay that much for a sandwich — especially from Subway — “unless it’s wrapped in gold.” Here’s how the sandwich saga played out.

By Bethan Moorcraft | 02.28.24

Kellogg’s CEO Gary Pilnick branded tone deaf

Kellogg’s CEO Gary Pilnick has offered a controversial solution for cash-strapped families who are struggling to afford their grocery bills: just eat cereal for dinner. “The cereal category has always been quite affordable and it tends to be a great destination when consumers are under pressure,” Pilnick said in an interview with CNBC last week. “If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable.” Pilnick was on the show to discuss Americans spending 11.3% of their disposable income on food, the highest level in more than three decades. Seemingly aware of the sour taste that advice may leave in American mouths, host Carl Quintanilla asked the Kellogg’s boss if telling people to eat cereal for dinner could “land the wrong way” — but Pilnick assured him “it’s landing really well right now.” Social media quickly refuted that statement. Pilnick’s comments sparked a backlash online, with many Americans branding the rich CEO tone deaf to the nation’s economic hardship. One TikTok user went so far as to say: “This is Kellogg’s version of ‘let them eat cake’” — using a phrase often attributed to the last Queen of France, Marie-Antoinette, who was deemed blind to the poverty of her subjects. Does he deserve the criticism?

By Bethan Moorcraft | 02.28.24

Kellogg’s CEO Gary Pilnick has offered a controversial solution for cash-strapped families who are struggling to afford their grocery bills: just eat cereal for dinner. “The cereal category has always been quite affordable and it tends to be a great destination when consumers are under pressure,” Pilnick said in an interview with CNBC last week. “If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable.” Pilnick was on the show to discuss Americans spending 11.3% of their disposable income on food, the highest level in more than three decades. Seemingly aware of the sour taste that advice may leave in American mouths, host Carl Quintanilla asked the Kellogg’s boss if telling people to eat cereal for dinner could “land the wrong way” — but Pilnick assured him “it’s landing really well right now.” Social media quickly refuted that statement. Pilnick’s comments sparked a backlash online, with many Americans branding the rich CEO tone deaf to the nation’s economic hardship. One TikTok user went so far as to say: “This is Kellogg’s version of ‘let them eat cake’” — using a phrase often attributed to the last Queen of France, Marie-Antoinette, who was deemed blind to the poverty of her subjects. Does he deserve the criticism?

By Bethan Moorcraft | 02.28.24

Kevin O’Leary blasts Biden’s EV push

The automotive industry is shifting towards electric vehicles. And the Biden administration has rolled out a range of initiatives aimed at promoting EV adoption as part of its broader climate and energy policy. However, “Shark Tank” star Kevin O’Leary is not a fan of the government’s involvement in this transition. “The real problem with the EV mandate was that it was just that; it was government trying to mandate a conversion,” he said in a recent interview with Fox Business. He's not alone in being critical of the president's EV initiatives. Donald Trump has vowed to reverse the policies if elected. Bob Lutz, former executive at General Motors, Ford and Chrysler, has said there's isn't enough electricity-generating infrastructure or demand. O’Leary also expanded the discussion from the automotive industry shift to the broader topic of replacing hydrocarbons. “It was the same problem that came up at the Global Climate Change Conference, when finally most countries admitted, ‘Look, there's no such thing as replacing hydrocarbons,’” he stated. The entrepreneur and investor argued that although countries can diversify away from hydrocarbons, there is “no path to energy security for any country,” including in the U.S., that involves replacing hydrocarbons entirely. “So everybody has to suck it up now and realize this is going to take a lot longer than people thought, including the EV conversion,” he remarked. The Biden administration recently highlighted the significant progress made in the EV sector. “Since the President took office, EV sales have more than quadrupled, with more than four and a half million EVs on the road,” the White House said in a statement. However, the government’s regulatory stance may soon soften. The New York Times recently reported that the Biden administration plans to slow the pace of limits on tailpipe emissions. The move is intended as a concession to automakers and labor unions, said unnamed sources. “The change in pacing is in response to automakers who say that more time is needed to build a national network of charging stations and to bring down the cost of electric vehicles, and to labor unions that want more time to try to unionize new electric car plants that are opening around the country, particularly in the South,” said the news report.

By Jing Pan | 02.27.24

The automotive industry is shifting towards electric vehicles. And the Biden administration has rolled out a range of initiatives aimed at promoting EV adoption as part of its broader climate and energy policy. However, “Shark Tank” star Kevin O’Leary is not a fan of the government’s involvement in this transition. “The real problem with the EV mandate was that it was just that; it was government trying to mandate a conversion,” he said in a recent interview with Fox Business. He's not alone in being critical of the president's EV initiatives. Donald Trump has vowed to reverse the policies if elected. Bob Lutz, former executive at General Motors, Ford and Chrysler, has said there's isn't enough electricity-generating infrastructure or demand. O’Leary also expanded the discussion from the automotive industry shift to the broader topic of replacing hydrocarbons. “It was the same problem that came up at the Global Climate Change Conference, when finally most countries admitted, ‘Look, there's no such thing as replacing hydrocarbons,’” he stated. The entrepreneur and investor argued that although countries can diversify away from hydrocarbons, there is “no path to energy security for any country,” including in the U.S., that involves replacing hydrocarbons entirely. “So everybody has to suck it up now and realize this is going to take a lot longer than people thought, including the EV conversion,” he remarked. The Biden administration recently highlighted the significant progress made in the EV sector. “Since the President took office, EV sales have more than quadrupled, with more than four and a half million EVs on the road,” the White House said in a statement. However, the government’s regulatory stance may soon soften. The New York Times recently reported that the Biden administration plans to slow the pace of limits on tailpipe emissions. The move is intended as a concession to automakers and labor unions, said unnamed sources. “The change in pacing is in response to automakers who say that more time is needed to build a national network of charging stations and to bring down the cost of electric vehicles, and to labor unions that want more time to try to unionize new electric car plants that are opening around the country, particularly in the South,” said the news report.

By Jing Pan | 02.27.24

Famed economist warns of debt 'tsunami'

A commercial real estate (CRE) “tsunami” is brewing in the United States, according to famed economist Komal Sri-Kumar. In a recent interview on CNBC’s “Squawk Box,” the president of California-based Sri-Kumar Global Strategies, Inc., a macroeconomic consulting firm, repeated his prior warning that America is barreling towards “a credit event or shock” in the first half of 2024. At the heart of this pending crisis is a great wave of commercial property debt, which is about to come due — to the extent of $544.3 billion in 2024 and another $533.2 billion in 2025, according to data analytics company Trepp. But Sri-Kumar thinks this looming CRE crisis can be avoided if the Federal Reserve takes quick action to cut interest rates and boost the economy. Is he right?

By Bethan Moorcraft | 02.26.24

A commercial real estate (CRE) “tsunami” is brewing in the United States, according to famed economist Komal Sri-Kumar. In a recent interview on CNBC’s “Squawk Box,” the president of California-based Sri-Kumar Global Strategies, Inc., a macroeconomic consulting firm, repeated his prior warning that America is barreling towards “a credit event or shock” in the first half of 2024. At the heart of this pending crisis is a great wave of commercial property debt, which is about to come due — to the extent of $544.3 billion in 2024 and another $533.2 billion in 2025, according to data analytics company Trepp. But Sri-Kumar thinks this looming CRE crisis can be avoided if the Federal Reserve takes quick action to cut interest rates and boost the economy. Is he right?

By Bethan Moorcraft | 02.26.24

Peter Schiff questions Biden's economic wins

The U.S. economy added 353,000 jobs in January 2024, significantly outperforming economists’ expectations. But according to Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, the situation might not be as positive as the headline figures suggest. “The only reason that jobs are going up is because people are forced to take two or three jobs, because prices keep going up, and their paychecks are not,” said the economist and financial commentator during a recent appearance on OAN Network’s “Real America.” According to the Labor Department’s latest jobs report, 8.1 million people held multiple jobs in January 2024, up from 7.8 million a year ago. Notably, 416,000 people were working two full-time jobs simultaneously, an increase from 343,000 in January 2023. The report also indicated that the unemployment rate held at 3.7%, close to a multi-decade low. Schiff added, “We’ve been replacing full-time jobs with part-time jobs. So the numbers would favor extra jobs.” The number of Americans who worked part-time but would have preferred to work full-time in January was 4.4 million, up from 4 million a year ago and 3.7 million two years ago. Rising involuntary part-time employment has been called a leading indicator of a slowing economy by economists speaking with The Washington Post and “Marketplace”.

By Jing Pan | 02.26.24

The U.S. economy added 353,000 jobs in January 2024, significantly outperforming economists’ expectations. But according to Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, the situation might not be as positive as the headline figures suggest. “The only reason that jobs are going up is because people are forced to take two or three jobs, because prices keep going up, and their paychecks are not,” said the economist and financial commentator during a recent appearance on OAN Network’s “Real America.” According to the Labor Department’s latest jobs report, 8.1 million people held multiple jobs in January 2024, up from 7.8 million a year ago. Notably, 416,000 people were working two full-time jobs simultaneously, an increase from 343,000 in January 2023. The report also indicated that the unemployment rate held at 3.7%, close to a multi-decade low. Schiff added, “We’ve been replacing full-time jobs with part-time jobs. So the numbers would favor extra jobs.” The number of Americans who worked part-time but would have preferred to work full-time in January was 4.4 million, up from 4 million a year ago and 3.7 million two years ago. Rising involuntary part-time employment has been called a leading indicator of a slowing economy by economists speaking with The Washington Post and “Marketplace”.

By Jing Pan | 02.26.24

Paul Tudor Jones warns of ticking ‘debt bomb‘

The U.S. federal government’s rising debt is alarming to many, with legendary investor Paul Tudor Jones also expressing significant concern. In a recent interview with CNBC, the billionaire and founder of Tudor Investment Corporation highlighted the looming threat of America's "debt bomb" potentially reaching a critical point. Jones acknowledged the current strength of the U.S. economy but attributed it to the government's extensive borrowing and spending. He cautioned about the repercussions of persistent deficit spending, stating, “We've got a 6%-7% budget deficit. We're fast-pouring consumption like crazy. It should be going gangbusters because we've got an economy on steroids, and it's unsustainable.” The Commerce Department's advance estimate revealed that real GDP in the U.S. experienced a 3.3% annual growth rate in Q4 of 2023, surpassing the anticipated 2% increase set by economists. The stock market has witnessed substantial growth, too, with the S&P 500 surging 28% over the past 12 months. However, Jones warned that the burgeoning debt issue is bound to impact the market sooner or later, stating, “It could be this year, it could be next year. Productivity may mask and it might be three or four years from now but clearly, clearly we're on an unsustainable path."

By Jing Pan | 02.23.24

The U.S. federal government’s rising debt is alarming to many, with legendary investor Paul Tudor Jones also expressing significant concern. In a recent interview with CNBC, the billionaire and founder of Tudor Investment Corporation highlighted the looming threat of America's "debt bomb" potentially reaching a critical point. Jones acknowledged the current strength of the U.S. economy but attributed it to the government's extensive borrowing and spending. He cautioned about the repercussions of persistent deficit spending, stating, “We've got a 6%-7% budget deficit. We're fast-pouring consumption like crazy. It should be going gangbusters because we've got an economy on steroids, and it's unsustainable.” The Commerce Department's advance estimate revealed that real GDP in the U.S. experienced a 3.3% annual growth rate in Q4 of 2023, surpassing the anticipated 2% increase set by economists. The stock market has witnessed substantial growth, too, with the S&P 500 surging 28% over the past 12 months. However, Jones warned that the burgeoning debt issue is bound to impact the market sooner or later, stating, “It could be this year, it could be next year. Productivity may mask and it might be three or four years from now but clearly, clearly we're on an unsustainable path."

By Jing Pan | 02.23.24

Peter Schiff accuses Biden of 'buying votes'

As of this week, President Joe Biden has forgiven nearly $138 billion in student debt for almost four million Americans. The Biden administration has vowed it won’t cease its debt cancellation efforts until every American who “deserves relief” gets it. But not everyone is pleased.. In a recent post on X, conservative economist and financial commentator Peter Schiff accused the president of forgiving another $1.2 billion in student loans to “buy votes” ahead of the upcoming presidential election. He thinks the administration’s debt relief could have dire consequences for hard-working Americans. “Everyone in America will pay higher prices as a result,” he said. Here’s how he reached that shocking conclusion.

By Bethan Moorcraft | 02.23.24

As of this week, President Joe Biden has forgiven nearly $138 billion in student debt for almost four million Americans. The Biden administration has vowed it won’t cease its debt cancellation efforts until every American who “deserves relief” gets it. But not everyone is pleased.. In a recent post on X, conservative economist and financial commentator Peter Schiff accused the president of forgiving another $1.2 billion in student loans to “buy votes” ahead of the upcoming presidential election. He thinks the administration’s debt relief could have dire consequences for hard-working Americans. “Everyone in America will pay higher prices as a result,” he said. Here’s how he reached that shocking conclusion.

By Bethan Moorcraft | 02.23.24

Kevin O’Leary warns against interest rate optimism

With headline inflation rates in the U.S. dropping substantially from their 2022 peak, many investors are looking forward to interest rate cuts from the Federal Reserve. But according to “Shark Tank” star Kevin O’Leary, the path of the central bank may not be as straightforward as some expect. In a recent interview with Fox Business, O’Leary expressed skepticism regarding the widespread expectation of imminent rate cuts. Don’t miss Commercial real estate has topped the stock market for over 25 years — but only the elite had access. Now you can super-spike your wealth even if you're just an everyday investor Inflation is still white-hot in 2024 — use these 3 'real assets’ to protect your wealth today, no matter what the US Fed does or says Anything can happen in 2024. Try these 5 easy money hacks to help you make and save thousands of dollars in the new year (they will only take seconds) “This puts a nail in the coffin of anybody thinking they're going to cut rates in May, you have a 75% [probability] there of people betting that they'll cut rates. In fact, the market thinks there's three cuts, 25 [basis points] each, coming right after March,” he said. O’Leary disagrees with this view, stating bluntly, “I don't see it.” And there’s more to the rate adjustment story than merely fighting inflation. According to O’Leary, there’s a political dimension as well.

By Jing Pan | 02.23.24

With headline inflation rates in the U.S. dropping substantially from their 2022 peak, many investors are looking forward to interest rate cuts from the Federal Reserve. But according to “Shark Tank” star Kevin O’Leary, the path of the central bank may not be as straightforward as some expect. In a recent interview with Fox Business, O’Leary expressed skepticism regarding the widespread expectation of imminent rate cuts. Don’t miss Commercial real estate has topped the stock market for over 25 years — but only the elite had access. Now you can super-spike your wealth even if you're just an everyday investor Inflation is still white-hot in 2024 — use these 3 'real assets’ to protect your wealth today, no matter what the US Fed does or says Anything can happen in 2024. Try these 5 easy money hacks to help you make and save thousands of dollars in the new year (they will only take seconds) “This puts a nail in the coffin of anybody thinking they're going to cut rates in May, you have a 75% [probability] there of people betting that they'll cut rates. In fact, the market thinks there's three cuts, 25 [basis points] each, coming right after March,” he said. O’Leary disagrees with this view, stating bluntly, “I don't see it.” And there’s more to the rate adjustment story than merely fighting inflation. According to O’Leary, there’s a political dimension as well.

By Jing Pan | 02.23.24

Recessions may be good for your health. Here's how

When people think of the Great Recession in 2008, they don’t tend to think of it as a particularly healthy time for humanity. But it turns out that may have been exactly what it was for certain demographics. New research from the National Bureau of Economic Research (NBER) shows that the Great Recession may have come with a side of health benefits for some people — and future recessions could provide those same benefits. So are you making unknown (health) gains from an economic downturn?

By Sabina Wex | 02.22.24

When people think of the Great Recession in 2008, they don’t tend to think of it as a particularly healthy time for humanity. But it turns out that may have been exactly what it was for certain demographics. New research from the National Bureau of Economic Research (NBER) shows that the Great Recession may have come with a side of health benefits for some people — and future recessions could provide those same benefits. So are you making unknown (health) gains from an economic downturn?

By Sabina Wex | 02.22.24