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The $100 bill should be put to rest according to former Treasury Secretary Larry Summers. Researchers at Harvard business school recently argued in a study that eliminating large denomination bills would have little downside for legitimate commerce, but would make it much harder for illegal enterprises to break the law. The report says the $100 bill, 500 […]
Gold has been rising but Goldman Sachs’ global head of commodities Jeffrey Currie thinks it’s time to short the commodity. Gold surged to its highest level in a year last week, as stocks continued to be sold off and investors flocked to other assets they deem to be safer during times of economic contraction. However, the […]
Job cuts increased by 218% in January, led by especially large cuts in the energy and retail sectors. Career placement firm Challenger, Gray & Christmas says American employers announced 75,114 cuts in the first month of the year compared to 23,622 announced layoffs in December 2015. Macy’s and Walmart led the way as both traditional retailers […]
US consumers are cutting back on purchases and putting more money away for a rainy day. Consumer spending remained unchanged in December as customers cut back on purchases of automobiles and unseasonably mild weather weighed on demand for utilities. That reduction in spending led to a big jump in savings, which reached a three-year high. The […]
Venezuelan Oil Minister Eulogio Del Pino fears crude oil prices will slip below $20 per barrel if OPEC doesn’t take immediate action to stabilize the oil market. Officials in Venezuela are urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity. Saudi Arabia and […]
The Internal Revenue Service (IRS) is finalizing plans that will allow the federal government to revoke, deny, or limit a U.S. citizen’s passport if they owe more than $50,000 in “seriously delinquent tax debt. ” Lawmakers are in the final stages of negotiation over a bill to provide funding for U.S. highways and transit […]
The Shanghai Composite was down again in Wednesday trading, closing 1.3 percent lower after a day of ups and downs. That mirrored Tuesday’s yo-yo in markets worldwide as global fears continued to take their toll on investors. American markets were all down, with the Dow opening higher but falling 205 points at the close after […]
The People’s Bank of China cut interest rates by 25 basis points (0.25 percent) on Tuesday after the country’s benchmark Shanghai Composite index fell another 7.6 percent. But in a sign that world markets are adjusting to the bad news in China, stocks elsewhere rebounded. London’s fuse 100 was up 2.9 percent, in what The […]
Andrey Belousov, a key economic aide to Russian President Vladimir Putin, is predicting that a dip in oil prices to $40 a barrel could mean his country’s central bank stops its run of interest rate cuts. “If the situation on the foreign-exchange markets changes as a result of a significant drop in oil prices – […]
In today’s economy, it can be pretty tough to make money anywhere, but some intrepid folks are earning money hand over fist online and they’re doing it in some crazy ways. There’s a lot that can be learned from these people, especially if you’re sitting on your own idea but think it’s too out there. […]
Here’s some fascinating, almost jaw-dropping, information about the economic costs of obesity in America. – Americans consume 938 million extra gallons of gas/year due to excess passenger weight which results in an extra $4 billion in obesity related gasoline costs. – 86% of Americans are expected to be overweight by 2030 – The estimated indirect […]
It’s fun to watch futuristic movies where all transactions are performed via a chip embedded deep beneath your skin — until you realize that that type of science fiction fantasy is slowly becoming our reality. Many people have stopped using cash entirely — credit is heavily relied on, and your bank statement is nothing […]
