News
Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization
After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi Jinping, urging the Gulf monarchs to accept yuan for oil, and Riyadh officials saying last March the country would consider accepting the Chinese currency.
The Modern State Cannot Exist without Fiat Money
The emergence of money is a market phenomenon. By surrendering fewer marketable goods for more marketable goods, individuals move closer to the goods they ultimately wish to consume but cannot acquire through direct exchange. The most marketable goods become common media of exchange (i.e., money). With money on one side of every transaction, the number of relevant prices is reduced, the division of labor expands, and specialization in the stages of production becomes possible.
Russia posts record current account surplus of $227 bln in 2022
Russia's current account surplus hit a record high in 2022, the central bank said on Tuesday, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy. Russia's current account - a measure of the difference between all money coming into a country through trade, investment and transfers, and what flows back out - came in at $227.4 billion, up 86% from 2021.
Debt ceiling: Here’s what you should know as threat of default looms
The clock is now ticking on the nation’s debt ceiling drama. The US hit its borrowing cap Thursday, triggering the Treasury Department to start taking extraordinary measures to prevent a default. While Treasury Secretary Janet Yellen doesn’t expect the US to default on its debt before early June, Congress has to get serious about negotiating a solution, which is not expected to be easy. Here’s what the situation is all about.
From Joe
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