(Reuters) – The United States is in an economic war with China, U.S President Donald Trump’s chief political strategist has said, warning Washington is losing the fight but is about to hit China hard over unfair trade practices. “We’re at economic war with China,” Steve Bannon told U.S. news site prospect.org in an interview published in Wednesday. “It’s in all their literature.
Authored by Mike Shedlock via MishTalk.com, In addition to its crackdown on cash, India stepped up its attack on gold. The aim is to cut down on gold imports. India does that in a roundabout way, by cracking down on exports. Bloomberg reports India Bans Gold Exports Above 22 Carats to Plug Trade Loopholes .
Why Milton Friedman Supported a Guaranteed Income (5 Reasons) Milton Friedman proposed to give everybody free money in his book “Capitalism and Freedom”. He mostly referred to this plan as a negative income tax (and he also referred to it as a guaranteed income because that’s exactly what it is .) But why would Milton Friedman, an outspoken free market capitalist, support giving people money for nothing?
While not quite as enjoyable for the average joe as consumer prices deflation, Producer Prices fell 0.1% MoM in July – the first ‘deflationary impulse’ since August 2016 . Both goods and services prices fell – with services the biggest driver (which is odd since that’s where all the job growth has been)…
The US Treasury Bill market remains notably inverted around the uncertain timing of the US debt limit debacle. As Bloomberg reports, while Treasury bills maturing in October continue underperforming against November and December securities, the market has a murky view on the drop-dead date for the U.S. debt ceiling.
Venezuela’s descent into a socialist hell has been entirely predictable. A. Barton Hinkle writes: A thousand gleeful obituaries have been written for “Kansas’ failed experiment” with Gov. Sam Brownback’s tax cuts. But if Kansas’ economy provides a cautionary tale for supply-siders on the right, then Venezuela provides an even more stark warning for socialist sympathizers on the left.
Since the collapse of the Berlin Wall in 1989, the world has had one undisputed economic superpower: the United States. But while the U.S. has enjoyed its moment in the sun, the balance of power has been slowly shifting towards the inevitable rise of China.