#Janet Yellen Economics | Explore Tumblr Posts and Blogs

thenib · 1 year

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Brian McFadden.

#brian mcfadden #janet yellen #economics

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dontmeantobepoliticalbut · 2 years

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Eliminating a woman's right to seek an abortion would have "very damaging effects on the economy and would set women back decades," Treasury Secretary Janet Yellen said while testifying before the Senate Banking, Housing and Urban Affairs Committee on Tuesday.

State Of Play: Yellen's comments come one week after a leaked draft ruling revealed that the Supreme Court is prepared to potentially overturn Roe v. Wade.

The Big Picture: Sen. Bob Menendez (D-N.J.) asked Yellen about the economic consequences for women if the Supreme Court's draft ruling were to be realized.

• "I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades."

What They're Saying: "Roe v. Wade, in access to reproductive health care, including abortion, helped lead to increased labor force participation," Yellen said.

• "It enabled many women to finish school, that increased their earning potential. It allowed women to plan and balance their families and careers. And research also shows that it had a favorable impact on the well being and earnings of children," she added.

• Yellen noted that other research has also made clear that denying women access to abortions increases "their odds of living in poverty or in need for public assistance."

#us politics #news #biden administration #2022 #axios #Janet Yellen #department of treasury #banking housing and urban affairs committee #Sen. Bob Menendez #roe v. wade #economics #economy #abortions #abortion bans #women's bodily autonomy #women's rights #women's health #reproductive health #reproductive rights

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digitalguap · 1 year

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The Dollar Is In DANGER! | Yellen Admits The Obvious, U.S. Hegemony At Risk

So Janet Yellen just had an interview With CNN and she finally admits the Obvious that the sanctions have Backfired and I think we kind of knew This for months now but it's really Telling that the head of the U.S Treasury can no longer hide the truth And let's travel back to early 2022 when Yellen told the world the aim of the Russian sanctions not the sanctions were Engineered to devastate the…

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pressnewsagencyllc · 2 days

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Top US Diplomat to Meet Xi in Beijing in Talks to Steady Ties

US Secretary of State Antony Blinken will meet with Chinese President Xi Jinping in Beijing, as the world’s biggest economies spar in high-stakes talks on issues spanning trade complaints to Beijing’s continued support for Russia. America’s top diplomat will sit down with the Chinese leader on Friday afternoon, the US State Department confirmed shortly after Blinken emerged from five-and-a-half…

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#beijing #China #Economic sanctions #Janet Louise Yellen #Jinping Xi #Joe Biden #military #politics #Russia #south china sea #tony blinken

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paulthepoke · 9 months

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No Recession Narrative is full of Baloney! Who do you believe? Michael Douville

Now, the Government and Wall Street would like you to believe we are heading toward a soft landing; that continues to be the narrative.

John 18:38 Pilate says to Him, “What is truth?” And having said this, he went out again to the Jews and says to them, “I find no guilt in Him. Who is most concerned about YOU? Do you trust the Federal Government to take care of YOU? What you decide and what you start to realize, is going to make a huge impact on the way you survive in the Economy in the next 18-24 months. Now, the Government…

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liberty1776 · 1 year

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A few days ago, Treasury Secretary Janet Yellen stated that adhering to the debt ceiling would produce a “constitutional crisis.” Her statement, however, reflects her lack of understanding of both fiscal and constitutional principles. The debt ceiling is a law that has been duly enacted by Congress. No one, including Yellen, has ever suggested that the debt-ceiling law violates the Constitution. Therefore, for Yellen to say that complying with a duly enacted constitutional law would provoke a “constitutional crisis,” well, that’s just plain silly. What she is suggesting is that if the debt ceiling is adhered to, this would cause … Continue reading →

#Debt Ceiling #Constitutional Crisis #Janet Yellen Economics

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sataniccapitalist · 1 year

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#janet yellen #silicon valley bank #business #economics #us economy

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reportwire · 1 year

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Bill Ackman says U.S. did the 'right thing' in protecting SVB depositors. Not everyone agrees

A sign hangs at Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023. Noah Berger | AFP | Getty Images Billionaire investor Bill Ackman said the U.S. government’s action to protect depositors after the implosion of Silicon Valley Bank is “not a bailout” and helps restore confidence in the banking system. In his latest tweet on SVB’s collapse, the hedge fund investor…

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#Banks #business news #Central banking #Economic events #Interest Rates #Janet Yellen #Jerome Powell #Signature Bank #SVB Financial Group #U.S. Economy #united states #Wall Street #World Markets

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timesofocean · 2 years

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U.S. annual inflation hits 8.6% in May, highest since 1981

New Post has been published on https://www.timesofocean.com/u-s-annual-inflation-hits-8-6-in-may-highest-since-1981/

U.S. annual inflation hits 8.6% in May, highest since 1981

Washington (The Times Groupe)- The U.S. annual inflation hit 8.6% in May, the highest level since December 1981, official data showed on Friday.

The figure exceeded market expectations of 8.3%.

The increase was broad-based, with housing, gasoline, and food contributing the most, the US Bureau of Labor Statistics reports.

On a year-over-year basis, energy prices rose 34.6%, the most since September of 2005, and food costs rose 10.1%, marking the first increase of 10% or more since March of 1981.

The US Treasury secretary Janet Yellen acknowledged last week that she was wrong about “the path inflation would take.”

The economy has been hit by unanticipated and large shocks that have boosted energy and food prices and caused supply bottlenecks that have affected our economy adversely, Janet Yellen told CNN.

In recent weeks, some Fed officials have also said that inflation in the country is similar to the levels seen in 1974 and 1983, when US consumers felt squeezed by high prices. U.S. annual inflation

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zvaigzdelasas · 7 months

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There’s little doubt that the American government has decided to slow China’s economic rise, most notably in the fields of technological development. To be sure, the Biden administration denies that these are its goals. Janet Yellen said on April 20, “China’s economic growth need not be incompatible with U.S. economic leadership. The United States remains the most dynamic and prosperous economy in the world. We have no reason to fear healthy economic competition with any country.” And Jake Sullivan said on April 27, “Our export controls will remain narrowly focused on technology that could tilt the military balance. We are simply ensuring that U.S. and allied technology is not used against us.”

Yet, in its deeds, the Biden administration has shown that its vision extends beyond those modest goals. It has not reversed the trade tariffs Donald Trump imposed in 2018 on China, even though presidential candidate Joe Biden criticized them in July 2019, saying: “President Trump may think he’s being tough on China. All that he’s delivered as a consequence of that is American farmers, manufacturers and consumers losing and paying more.” Instead, the Biden administration has tried to increase the pressure on China by banning the export of chips, semiconductor equipment, and selected software.

It has also persuaded its allies, like the Netherlands and Japan, to follow suit. More recently, on Aug. 9, the Biden administration issued an executive order prohibiting American investments in China involving “sensitive technologies and products in the semiconductors and microelectronics, quantum information technologies, and artificial intelligence sectors” which “pose a particularly acute national security threat because of their potential to significantly advance the military, intelligence, surveillance, or cyber-enabled capabilities” of China.

All these actions confirm that the American government is trying to stop China’s growth. Yet, the big question is whether America can succeed in this campaign—and the answer is probably not. Fortunately, it is not too late for the United States to reorient its China policy toward an approach that would better serve Americans—and the rest of the world.[...]

Since the creation of the People’s Republic of China in 1949, several efforts have been made to limit China’s access to or stop its development in various critical technologies, including nuclear weapons, space, satellite communication, GPS, semiconductors, supercomputers, and artificial intelligence. The United States has also tried to curb China’s market dominance in 5G, commercial drones, and electric vehicles (EVs). Throughout history, unilateral or extraterritorial enforcement efforts to curtail China’s technological rise have failed and, in the current context, are creating irreparable damage to long-standing U.S. geopolitical partnerships. In 1993 the Clinton administration tried to restrict China’s access to satellite technology. Today, China has some 540 satellites in space and is launching a competitor to Starlink.

When America restricted China’s access to its geospatial data system in 1999, China simply built its own parallel BeiDou Global Navigation Satellite System (GNSS) system in one of the first waves of major technological decoupling. In some measures, BeiDou is today better than GPS. It is the largest GNSS in the world, with 45 satellites to GPS’s 31, and is thus able to provide more signals in most global capitals. It is supported by 120 ground stations, resulting in greater accuracy, and has more advanced signal features, such as two-way messaging[...]

American measures to deprive China access to the most advanced chips could even damage America’s large chip-making companies more than it hurts China. China is the largest consumer of semiconductors in the world. Over the past ten years, China has been importing massive amounts of chips from American companies. According to the US Chamber of Commerce, China-based firms imported $70.5 billion worth of semiconductors from American firms in 2019, representing approximately 37 percent of these companies’ global sales. Some American companies, like Qorvo, Texas Instruments, and Broadcom, derive about half of their revenues from China. 60 percent of Qualcomm’s revenues, a quarter of Intel’s revenues, and a fifth of Nvidia’s sales are from the Chinese market. It’s no wonder that the CEOs of these three companies recently went to Washington to warn that U.S. industry leadership could be harmed by the export controls. American firms will also be hurt by retaliatory actions from China, such as China’s May ban on chips from US-based Micron Technology. China accounts for over 25 percent of Micron’s sales.[...]

The U.S. Semiconductor Industry Association released a statement on July 17, saying that Washington’s repeated steps “to impose overly broad, ambiguous, and at times unilateral restrictions risk diminishing the U.S. semiconductor industry’s competitiveness, disrupting supply chains, causing significant market uncertainty, and prompting continued escalatory retaliation by China,” and called on the Biden administration not to implement further restrictions without more extensive engagement with semiconductor industry representatives and experts.

The Chips Act cannot subsidize the American semiconductor industry indefinitely, and there is no other global demand base to replace China. Other chip producing nations will inevitably break ranks and sell to China (as they have historically) and the American actions will be for naught. And, in banning the export of chips and other core inputs to China, America handed China its war plan years ahead of the battle. China is being goaded into building self-sufficiency far earlier than they would have otherwise. Prior to the ZTE and Huawei components bans, China was content to continue purchasing American chips and focusing on the front-end hardware. Peter Wennink, the CEO of ASML, stated that China is already leading in key applications and demand for semiconductors. Wennink wrote, “The roll-out of the telecommunication infrastructure, battery technology, that’s the sweet spot of mid-critical and mature semiconductors, and that’s where China without any exception is leading.”[...]

Former State Department official Susan Thornton, who oversaw the study as director of the Forum on Asia-Pacific Security at NCAFP, said: “This audit of U.S.-China diplomacy shows that we can make progress through negotiations and that China follows through on its commitments. The notion that engagement with China did not benefit the U.S. is just not accurate.”[...]

One fundamental problem is that domestic politics in America are forcing American policymakers to take strident stands against China instead of pragmatic positions. For instance, sanctions preventing the Chinese Defense Minister, Li Shangfu, from traveling to the United States are standing in the way of U.S.-China defense dialogues to prevent military accidents.

19 Sep 23

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digitalguap · 10 months

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How De-Dollarization is Leading to the Decline of U.S. Dominance

De-dollarization is an ongoing trend where countries are reducing their dependence on the United States dollar as a global reserve currency. This shift is causing ripples in the international financial system and could ultimately lead to the decline of U.S. economic and political dominance. In this blog post, we will explore the implications of de-dollarization and how it might affect the global…

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pressnewsagencyllc · 9 days

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Biden admin unveils new sanctions on Iran for "unprecedented" attack on Israel

U.S. Treasury Secretary Janet Yellen speaks during a press conference amid the IMF-World Bank Group spring meetings. Photo: SAUL LOEB / AFP via Getty Images The Biden administration on Thursday imposed new sanctions on Iran’s drone, steel and auto industries, the Treasury Department announced. The big picture: The Biden administration wants to punish Iran for its unprecedented missile and drone…

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#drones #Economic sanctions #Israel #Janet Yellen #Middle East Conflict #treasury department #United Kingdom

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kp777 · 8 months

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By Jake Johnson

Common Dreams

Aug. 29, 2023

"The evidence presented in Treasury's report challenges the view that worker empowerment holds back economic prosperity," a department economist wrote.

A report released Monday by the U.S. Treasury Department argues that labor unions are critical to combating income inequality, which has risen dramatically in recent decades as union membership has declined and real wages have largely stagnated.

The report estimates that unions boost the wages of their members by between 10% and 15%, an impact that spreads to the broader economy as nonunion workplaces compete for employees.

"Unions also improve fringe benefits and workplace procedures such as retirement plans, workplace grievance policies, and predictable scheduling," the report notes. "These workplace improvements contribute substantially to middle-class financial stability and worker well-being. For example, one study has estimated that the average worker values their ability to avoid short-notice schedule changes at up to 20% of their wages."

In a summary of the report's findings, Treasury Department economist Laura Feiveson wrote that "increased unionization has the potential to contribute to the reversal of the stark increase in inequality seen over the last half-century."

"All in all, the evidence presented in Treasury's report challenges the view that worker empowerment holds back economic prosperity," wrote Feiveson. "In addition to their effect on the economy through more equality, unions can have a positive effect on productivity through employee engagement and union voice effects, providing a roadmap for the type of union campaigns that could lead to additional growth."

The Treasury Department report was released less than a week after UPS Teamsters ratified a five-year contract that includes substantial wage increases, a deal secured after the union threatened a nationwide strike.

The United Auto Workers (UAW) union is also looking to win a major pay increase for General Motors, Ford, and Stellantis employees. Last week, 97% of UAW members who participated in the vote opted to authorize a strike if contract talks with the three automakers fail.

Meanwhile, Hollywood writers and actors are still on strike, and others across the country—including nurses, hotel workers, and city employees—have walked off the job in recent weeks to demand better pay, benefits, and conditions.

The wave of strikes followed significant labor victories in 2022, a year in which Starbucks employees organized hundreds of locations across the U.S.—victories that contributed to an increase in the total number of U.S. workers in unions last year.

The union membership rate, however, fell from 10.3% in 2021 to a record-low 10.1% in 2022 as nonunion jobs grew at a faster rate than union jobs.

In a Monday speech outlining her department's findings, Treasury Secretary Janet Yellen said that unions are "critically important to workers' well-being."

"Unionization also has spillover effects," Yellen added. "Competition means workers at nonunionized firms may see increased wages too. Heightened workplace safety norms can pull up whole industries. Benefits also spill over to workers' families and communities."

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

#treasury department #janet yellen #unions #unionization #labor unions

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mariacallous · 2 months

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WASHINGTON (AP) — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.

“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.

“I believe there is a strong international law, economic, and moral case for moving forward. This would be a decisive response to Russia’s unprecedented threat to global stability,” she said.

The United States and its allies froze hundreds of billions of dollars in Russian foreign holdings in retaliation for Moscow’s invasion of Ukraine. Those billions have been sitting untapped as the war grinds on, now in its third year, while officials from multiple countries have debated the legality of sending the money to Ukraine. More than two-thirds of Russia’s immobilized central bank funds are located in the EU.

Using the assets to help Ukraine “would make clear that Russia cannot win by prolonging the war and would incentivize it to come to the table to negotiate a just peace with Ukraine,” Yellen said.

The idea of using Russia’s frozen assets has gained traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support. But there are tradeoffs since the weaponization of global finance could harm the U.S. dollar’s standing as the world’s dominant currency.

Yellen said Tuesday that it is “extremely unlikely” that tapping the frozen funds would harm the dollar’s standing in the global economy “especially given the uniqueness of the situation where Russia is brazenly violating international norms. Realistically there are not alternatives to the dollar, euro and yen,” Yellen said.

Earlier this month, the European Union passed a law to set aside windfall profits generated from frozen Russian central bank assets. Yellen calls that “an action I fully endorse.”

Brazil kicked off its presidency of the Group of 20 nations this month, with finance ministers meeting this week. Topics for discussion include poverty alleviation, climate change and the wars in the Gaza Strip and in Ukraine. G20 leaders are slated to gather at a Nov. 18-19 summit in Rio.

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theculturedmarxist · 6 months

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George W. Bush’s invasion of Iraq is mostly remembered, for good reason, as a debacle. But as the American military risks being drawn into the Middle East once again, it is worth noting the contrast between the initial phase of the Iraq war and the situation now unfolding in the Middle East. When Operation Iraqi Freedom kicked off on March 20, 2003, Saddam Hussein’s Iraq was isolated diplomatically and had been under harsh economic sanctions for years. Saddam had few allies to call upon, and his military was no match for that of the American hyperpower. Prior to the invasion, the United States had spent more than half a year simply building up forces, shipping over ammunition and fuel and preparing lines of supply. American diplomats had secured permission to stage troops and base aircraft in neighboring countries, such that the coalition had forces both to the south and to the north. The invasion was meticulously prepared, America was on the offense, and brought a massive preponderance of force down on the hapless Iraqi army.

The situation that Washington faces now is almost a photo negative of the one in March 2003. Today, US forces and assets are strewn across the region in military installations with a few thousand troops each. The United States isn’t facing one enemy, but a panoply of militias and terrorist groups, ranged across several countries, all aligned with Iran, which, in turn, has close ties to China and Russia.

America has done no preparation to, say, wage a concerted and effective air campaign against Iran, should the Iranians respond to an Israeli land invasion of Gaza with an all-out assault against the Jewish state. For one thing, Washington is increasingly diplomatically isolated due to Muslim anger over American support for the Israeli offensive in Gaza, but also because of inroads made by rival powers while its attention was elsewhere. This isolation was on display last week when President Biden’s planned summit with the leaders of Jordan, Egypt, and the Palestinian Authority was canceled at the last minute. The West is mostly talking to itself and to the Israeli government. Meanwhile Tehran, Moscow, and Beijing are all engaged in their own diplomatic efforts across the region.

It’s possible that the snubs from America’s traditional Sunni allies are at least partly intended for domestic consumption, to pacify their own publics even as the likes of Riyadh and Amman continue to view Tehran as their No. 1 threat and Israel a useful bulwark against it. The problem is that America’s other interlocking dysfunctions leave scant room for hope that Washington can easily overcome these countervailing forces. The House of Representatives still has no speaker, the deficit is exploding, and the war in Ukraine is already a drain on the defense budget. But this is all just waved away; Treasury Secretary Janet Yellen gives an interview saying that waging two simultaneous wars is perfectly affordable. How will America avoid a severe fiscal crisis if interest rates and inflation continue to spike? Nobody knows; nobody really asks.

Should America be drawn into a regional war, which countries will it be fighting? For how long? What if Russia or China decide to intervene indirectly or directly? What if drones continue to rain down on US bases as its patriot missiles and other interceptors run out? What if another crisis breaks out over Taiwan?

“Turning Iraq into California was a stupid plan, but it was a plan.”

As foolish as George W. Bush administration’s determination to invade Iraq looks in retrospect, the new war heating up in the Middle East threatens to be more catastrophic. Turning Iraq into California was a stupid plan, but it was a plan. Today, the plan is for Israel to defeat Hamas, but it is unclear how this will address the deeper crises that are feeding the current conflict—not just the grievances of Palestinians, but the fact that the US-led regional order is breaking down as other powers assert their interests and pursue their ambitions. Two decades ago, America’s leaders were deluded by visions of democratic transformation; today, it is unclear they have any vision beyond putting out the latest fire and waiting for the next one.

#iran #israel palestine conflict #us imperialism

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cultml · 1 year

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