Category: Economy

Bank Records Show Millions in Transaction Between Hunter Biden, China Firms: Sen. Johnson

Just the News

Wisconsin GOP Sen. Ron Johnson says the Chinese-American financial institution Cathay Bank has given Senate Republicans records showing millions of dollars going from Chinese companies to President Biden’s son Hunter Biden.

Republicans and others started raising concerns during President Biden’s successful 2020 White House campaign, if not earlier, that Hunter Biden used the family name and influence while his father was vice president to make millions in overseas business deals, which also could have compromised U.S. national security.

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Commentary: Biden’s 10-Year Plan for Fiscal Disaster

Florida Capital Star Staff

Last month, President Joe Biden unveiled his proposed 10-year budget plan. The dollar figures are eye-popping: $17 trillion dollars in additional debt.

The previous 10-year period, 2013 through 2022, saw the national debt rise by an unprecedented $14 trillion, an amount that was turbo-boosted by the over-the-top COVID spending blowout. Yet, instead of a return to the bad-enough normalcy of an annual debt increase measured in the hundreds of billions rather than trillions, Biden wants to set a new record for debt accumulated in a decade, with an average annual deficit of $1.7 trillion being his “new normal.”

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Small Businesses Are Less Optimistic About the Future, Survey Finds

The Center Square

Small businesses are less optimistic about the future, a newly released survey shows.

The National Federation of Independent Businesses released survey results showing their small business optimism index decreased in March, “marking the 15th consecutive month below the 49-year average of 98.”

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Commentary: China Builds the New World Order with Biden Asleep at the Wheel

Florida Capital Star Staff

China is rapidly growing economically, militarily, and influentially, and none of this is good for the United States. Since diplomatic ties with China were officially established in 1979 under President Jimmy Carter, each president has done a fair job (some better than others) of keeping China in check on the international stage, despite China’s growth. All with the exception of President Joe Biden, who has allowed China to lead a global coalition and a new world order against the United States of America, which has fulfilled our worst fears.

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Hundreds of Former Federal Surveillance Officials Have Moved to Jobs in Big Tech

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Over 200 former employees of federal surveillance agencies have since joined the corporate ranks of Big Tech companies in recent years, thus increasing the likelihood of systematic censorship of conservative accounts by such platforms.

According to the Daily Caller, the four social media companies Google, Twitter, Facebook, and TikTok have recruited 248 former employees from the FBI, CIA, Department of Justice (DOJ), and Department of Homeland Security (DHS), as proven by searches of the professional job listing and networking platform LinkedIn. The bulk of these hires were made between 2017 and 2022, with some of the former federal employees moving on to top executive positions within the social media companies.

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Commentary: The Interest Alone on the National Debt Will Hit $1 Trillion in 2024 as Reserve Currency Status Is Questioned

Admin

Gross interest owed on the $31.4 trillion national debt — that is, interest owed on both the $24.9 trillion publicly traded debt and the $6.7 trillion debt in the Social Security, Medicare and other trust funds — will reach a gargantuan $1 trillion in 2024 for the first time in American history, according to the latest data gathered by the White House Office of Management and budget.

To put that into perspective, that is more than is spent on national defense related spending, currently $814 billion.

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Critics Raise Concerns About Strategic Petroleum Reserves’ Decline

The Center Square

Lawmakers are raising concerns that the Strategic Petroleum Reserve, which President Joe Biden has relied on heavily since taking office, is getting dangerously low.

Gas prices hit record highs last summer, surpassing $5 per gallon nationally. To curb rising prices, Biden released more than 200 million barrels from the U.S. stockpile, bringing the reserves to the lowest point since 1984.

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Property Taxes Climb 3.6 Percent Across U.S. to $339.8 Billion

The Center Square

Property taxes levied on single-family homes in the United States increased 3.6 percent to $339.8 billion in 2022, according to a new report from a real estate data firm.

That’s up from $328 billion in 2021. The 2022 increase was more than double the 1.6 percent growth in 2021, but smaller than the 5.4 percent increase in 2020, according to the report from ATTOM, a property data provider.

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JPMorgan Boss Warns That Banking Crisis Will Have Consequences ‘For Years to Come’

Florida Capital Star Staff

JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter Tuesday that the current fallout from the bank failures of Silicon Valley Bank (SVB) and Signature Bank would likely continue for years.

“As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” wrote Dimon. However, in comparison to 2008, Dimon said the 2023 crisis “involves far fewer financial players and fewer issues that need to be resolved.”

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U.S. Manufacturing Hits New Low Under Biden

Florida Capital Star Staff

On Monday, a report revealed that, on Joe Biden’s watch, American manufacturing has reached its lowest point since the start of the Chinese coronavirus pandemic.

According to the Washington Free Beacon, the Institute for Supply Management’s manufacturing index, known as PMI, hit its lowest point since May 2020, scoring just 46.3. If the extraordinary conditions of the pandemic are not taken into account, then it is the lowest level since 2009.

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CDC Investigators Got Sick While Probing Ohio Toxic Train Derailment

Florida Capital Star Staff

Centers for Disease Control and Prevention (CDC) officials investigating potential health impacts in a small Ohio town impacted by a toxic train derailment became ill during their study, CNN reported.

Seven CDC members reported sore throats, headaches, coughing and nausea while in East Palestine, Ohio, weeks after a Norfolk Southern train derailed in early February and a controlled burn leaked hazardous materials, including vinyl chloride, into the environment, the CDC told CNN on Thursday. The CDC members’ symptoms are consistent with health complaints reported by residents and first responders.

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Commentary: Dethroning King Dollar

Florida Capital Star Staff

Joe Biden is dethroning King Dollar in real time. The US dollar’s financial dominance is under siege from a uniquely bad combination of foreign and domestic policies, and Americans should be deeply concerned by the fallout if the dollar loses its 80-year reign as the world’s reserve currency.

In just the past weeks, China conducted the first major LNG sale in renminbi instead of dollars, struck a major deal with Brazil to conduct trade in their own currencies, and just announced the sale of 65,000 tons of LNG to France denominated in yuan. This dovetails with the Biden administration’s inflationary policies and ham-handed sanctions on Russia that accelerated foreigners’ flight from the dollar at the very moment the world doubts if the dollar remains a safe and reliable store of value.

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Commentary: The Post-Normal World After COVID

Florida Capital Star Staff

Like most polls, Gallup polls are usually paid advertisements for whomever commissions them and therefore deserving of as little attention. However, the indefatigable Sharyl Attkisson recently reported on the results of one such survey and that did draw my attention. Evidently, 47 percent of Americans say life will never go back to pre-pandemic normal. I was somewhat stunned! How could 53 percent be thinking we could go back? 

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Los Angeles, Cook Counties Post Biggest Population Losses in U.S. in 2022

Florida Capital Star Staff

The number of people who used to live in Los Angeles County and Cook County in Illinois continues to plummet.

Los Angeles County posted the largest population decline of all counties in the United States in 2022, falling by 90,704 and continuing a downward trend. It lost nearly twice that amount (180,394) in 2021, according to the U.S. Census Bureau’s Vintage 2022 estimates released Thursday.

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Americans Continue to Flee Crime-Ridden Blue Cities for the Burbs and Red States, New Census Data Shows

Florida Capital Star Staff

Americans once again fled large cities for suburbs and Republican-led states in massive numbers from June 2021 to June 2022, according to a Wall Street Journal analysis of U.S. Census data.

More than 800,000 people in total left the country’s large metropolitan areas, compared to 1.2 million the year before, in an ongoing trend sparked by the pandemic, according to the WSJ. Ten of the nation’s 25 largest metropolitan areas saw population loss, and most of the top cities that saw population gains were located in red states.

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Commentary: BlackRock’s Larry Fink and the New Post-ESG Realism

RealClearWire

As regular as the turn of the seasons, each January sees Larry Fink, founder and CEO of BlackRock, the world’s largest asset manager, publish a lengthy letter on the state of the world and its implications for finance and investors. This year, January turned to February, and still no letter. Instead, February saw Tim Buckley, CEO of Vanguard, global number-two asset manager, give a groundbreaking interview explaining Vanguard’s decision late last year to quit the Net Zero Asset Managers (NZAM) initiative, which had been formed ahead of the 2021 Glasgow climate conference to reallocate capital in line with net zero emissions targets.

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Nearly 40 Percent of Veterans Reported Concerns About Being Able to Pay Medical Bills

The Center Square

A new report from the National Center for Health Statistics found that nearly 40% of veterans reported concerns about being able to pay their medical bills. 

Overall, the report found that 12.8% of veterans aged 25-64 had problems paying medical bills, 8.4% had forgone medical care and 38.4% were somewhat or very worried about being able to pay their medical bills if they got sick or had an accident. 

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Commentary: Congress Is Central in the Authorization to Impose a Central Bank Digital Currency

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In God We Trust

“[W]e would not proceed with this without support from Congress, and I think that would ideally come in the form of an authorizing law, rather than us trying to interpret our law to enable this.”

That was Federal Reserve Chairman Jerome Powell in March 2021, noting the fact that when it comes a central bank digital currency – a more distinct possibility after several bank failures have swept across the global financial system – that Congress simply has not authorized such an undertaking.

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Future Meals Could Come from a 3D Printer, Researchers Say

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Researchers are increasingly investigating 3D-printed food to boost global food production in a bid to combat climate-related food insecurity, Axios reported Friday.

Although the technology is still new, with research necessary for the technique to be scaled up for both industrial or home use, some researchers see 3D-printed food as a way to make nutritious food available and affordable for those who would otherwise lack access to healthy options, according to Axios. Printed food is already being used to make imitation meat cuts from soy protein and chickpeas at several restaurants and butchers in Europe, Reuters reported in October.

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Federal Regulator Acknowledges Danger to Wildlife Caused by Offshore Wind Farms

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The federally-chartered regulator responsible for managing fisheries in the oceans of New England acknowledged that offshore wind farms could pose a threat to the local marine wildlife, according to a letter obtained by the Daily Caller News Foundation.

Thomas Nies, executive director of the New England Fishery Management Council (NEFMC), noted the “concerning implications” of a study by researchers from the Norwegian Institute of Marine Research, which found that the high voltage direct current (HVDC) power cables used by some offshore wind farms emitted magnetic fields that could hinder the ability of haddock larvae to navigate, according to a January 18 letter obtained by the DCNF. The negative impact on both the haddocks’ speed and ability to navigate could result in increased “predation” of affected fish.

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Report: Miami Has Highest Taxpayer Burden of Florida’s Largest Cities

The Center Square

Miami has the highest taxpayer burden out of Florida’s four largest cities, according to an analysis from Truth in Accounting.

In its annual report that assesses the financial health of the 75 most populous U.S. cities, TIA found that two-thirds of them didn’t have enough money to pay their bills. Their combined debt totals $266.5 billion; combined pension debt totals $109.8 billion; and combined OPEB (other post-employment benefits) debt totals $168.7 billion.

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Poll: 73 Percent of Taxpayers Say Government Doesn’t Use Their Taxes Wisely

The Center Square

Ahead of Tax Day on April 18, 73% of taxpayers said the government doesn’t use their taxes wisely, a new survey found. A separate report found that red states have the better taxpayer return on investment.

Wallethub’s “Taxpayer Survey” found that 28% of respondents said charities would better spend their money; 26% said local governments would best spend their money, followed by state government (22%), the federal government (16%) and religious groups (13%).

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Biden Admin in Talks to Potentially Bail Out a Third Bank: Report

Florida Capital Star Staff

The U.S. government is considering backing a potential deal to rescue the struggling First Republic Bank, in a bid by U.S. officials and Wall Street executives to head off the chance of a third major bank failure, Bloomberg reported, citing people with knowledge of the discussions.

Wall Street investors have expressed an interest in helping stabilize the struggling San Francisco-based bank, which has been selling assets — which lost value amid the Federal Reserve’s aggressive campaign of interest rate hikes designed to combat inflation — to pay out a surge in customers pulling their funds from the bank, according to Bloomberg. While the extent of government aid has not yet been decided, the government could cover the cost of First Republic’s losses or offer liability protection to companies involved in a deal.

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Florida Rep. Kat Cammack Says There Should Never Be Another Bank Bailout

Just the News

Florida GOP Rep. Kat Cammack says that there should not be a bank bailout after the recent bank failures because ultimately, the price will fall on the American people. 

“There should absolutely never be a bank bailout ever again,” Cammack said on the “John Solomon Reports” podcast. “We saw the failures of that years ago and now we’re staring down the barrel of another meltdown and contagion because there’s poor management.”

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Biden Administration Attempting to Bail Out Moderna

Florida Capital Star Staff

The pharmaceutical company Moderna, which has already received over $10 billion in taxpayer funds for the development of its COVID-19 vaccine, could receive even more public money at the request of the Biden Administration.

According to the Washington Free Beacon, lawyers with the Department of Justice (DOJ) offered in court filings last month to “relieve” Moderna of any liabilities it may face as the result of a lawsuit claiming that the company has not paid licensing fees for the technology it utilized to develop its vaccine for the Chinese coronavirus.

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Janet Yellen Says More Bank Bailouts Could Be on the Horizon

Florida Capital Star Staff

Treasury Secretary Janet Yellen said in remarks Tuesday that regulators may ensure all deposits at more banks following the Silicon Valley Bank (SVB) and Signature Bank depositor bailouts.

Yellen said the bailouts were essential to safeguard the U.S. banking system in prepared remarks at the American Bankers Association Tuesday, referencing the Federal Reserve’s actions in insuring the deposits of SVB’s customers.

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‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage

Admin

Insurers are being forced to write off many electric vehicles with only minor damage to battery packs, sending the batteries to scrap yards and hindering the climate benefits of going electric, Reuters reported.

Battery packs typically represent roughly half the cost of an electric vehicle, sometimes costing tens of thousands of dollars, often making it more economical for insurers to consider a car as totalled than replace a battery pack, according to Reuters. While many carmakers, including Ford and GM, told Reuters that their battery packs were repairable, many are unwilling to share key data with third-party insurers to help assess damage.

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Janet Yellen’s Policy Would Destroy Small U.S. Banks While Bailing Out Chinese Depositors, Experts Say

Florida Capital Star Staff

Treasury Secretary Janet Yellen stated during her testimony at a Senate Finance Committee hearing on March 16 that she, the Federal Deposit Insurance Corporation board, the Fed board, and President Joe Biden would only safeguard uninsured deposits at banks whose failures they determine would pose “systemic risks” to the economy, which will destroy small regional banks, according to experts who spoke to the Daily Caller News Foundation.

On the other hand, it will enable big banks to be more reckless because their depositors will be made whole if they fail. In the case of Silicon Valley Bank (SVB), this will include many Chinese companies that will be getting reimbursed by community banks, according to Reuters.

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‘That’s a Lie’: GOP Senator Presses Janet Yellen on Plan to Pay for Social Security

Florida Capital Star Staff

Republican Sen. Bill Cassidy of Louisiana accused the Biden administration of lying about its commitment to working with Congress to protect seniors’ social security benefits at a hearing of the Senate Finance Committee Thursday.

Cassidy asked Treasury Secretary Janet Yellen, who was testifying about President Joe Biden’s proposed budget for the fiscal year 2024, if the president was aware that “when [Social Security] goes broke in nine years” there would be a 24% cut in benefits for current recipients.

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As Losses Mounted, Silicon Valley Bank Doubled Down on Woke Investments and Left-Wing Rhetoric

Just the News

Long before its epic collapse, Silicon Valley Bank (SVB) was a darling of the left. It allied in cash and manpower with a liberal nonprofit run by California Gov. Gavin Newsom’s wife and fully embraced the environmental, social and governance (ESG) platform now being banned in some red states, while celebrating its executives’ involvement in the LGBTQ+ movement.

As SVB’s investment failures mounted, the bank doubled down on its ideological commitments by pledging $5 billion in new green tech outlays, despite signs of rising interest rates negatively impacting that sector. Some institutional investors also began to raise concerns about the overall balance sheet.

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Biden Admin Shot Down Purchase Attempts for Failed Bank, Former Trump Official Says

Admin

A former economic adviser to former President Donald Trump said Monday that the Federal Deposit Insurance Corporation (FDIC) prevented several efforts to purchase Silicon Valley Bank. Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. The Federal Deposit Insurance Corporation (FDIC) also shut down Signature Bank Sunday, citing “systemic risk,” CNBC reported separately.

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Commentary: Despite ‘Strong’ Rhetoric, Biden Administration Signals Gloomy Economic Outlook

Admin

The White House Office of Management and Budget (OMB) in the now-released President’s Budget is projecting just 0.6 percent in inflation-adjusted real growth of the U.S. economy in 2023 as the unemployment rate is expected to rise to 4.3 percent in 2023 and peak at 4.6 percent in 2024 after the economy is finished overheating from the continued, elevated inflation, consumers max out on credit and spending falls off a cliff.

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Oil CEOs See Massive Bonuses amid Record Profits

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The pay packages for the chief executives of British oil giants BP and Shell skyrocketed in 2022 after the oil titans posted record profits off the back of high gas prices last year, Reuters reported Friday.

The salary of BP CEO Bernard Looney climbed to roughly £1.3 million, while performance-related bonuses and stock awards climbed to £10.03 million, to a total of £11.33 million in compensation, more than two and a half times the £4.46 million he earned in 2021, the company announced Friday. BP —which lagged behind its American competitors in 2022 despite a record profit of roughly $28 billion — has drawn criticism from activists for cutting its green investments and reinvesting in gas and oil, Reuters reported.

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Treasury Inspector General Audit: 42,000 Federal Employees ‘Repeatedly’ Don’t File Federal Returns

Just the News

Tens of thousands of federal employees have “repeatedly” failed to file their federal tax returns, according to a new federal watchdog report.

The Treasury Inspector General for Tax Administration flags 42,000 so-called “federal employee non-filers” and states the government is limited in its authority to punish them, according to the Washington Times.

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Commentary: Climate Policies Will Shut Down Farmers

Florida Capital Star Staff
Woman with ball cap on, out in the fields of a farm

Belgian and Dutch farmers are protesting because they are losing their livelihoods in the name of fighting so-called climate change as European governments seek to reduce emissions of nitrogen oxide and ammonia, necessary inputs of modern agriculture. Will American farmers and consumers soon face the same fate?

European farmers are being told that because of the aim for “net-zero emissions” of greenhouse gases and other so-called pollutants in 2050, their industry is being phased out if they can’t adapt.

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Slave Labor Clouded Plunging U.S. Solar Market in 2022

Florida Capital Star Staff

U.S. solar panel installations plummeted in 2022 as lingering supply chain issues hindered the industry, although forecasters anticipate a bounceback and significant growth over the next decade, according to a joint report from the industry trade group Solar Energy Industries Association (SEIA) and research analytics firm Woods Mackenzie released Thursday.

The primary cause of the decline was a significant disruption in the solar panel supply chain caused by detentions of Chinese solar panel materials by U.S. Customs and Border Protection over concerns that the products were developed by the forced labor of Uighur muslims, according to the report. While 2022 was a “tough year” for solar, supply chain issues are expected to be resolved in 2023, leading to a 41% surge in installations, Michelle Davis, principal analyst at Wood Mackenzie and lead author of the report, said in a press release Thursday.

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Eco-Conscious ESG Investors Among Top Shareholders in Rail Giant Under Fire for Toxic Spill

Just the News

Three of the five top shareholders in Norfolk Southern — the freight rail carrier under the spotlight for its saftey and environmental record following last month’s toxic train derailment in East Palestine, Ohio — have been aligned with the eco-conscious, socially aware ESG (environmental, social, governance) investing framework embraced by many leading financial firms in recent years. Asset management firms BlackRock Fund Advisors, JPMorgan Investment Management, and The Vanguard Group were all part of the Net Zero Asset Managers initiative, a coalition of ESG-minded money mangers committed to channeling investment capital to firms working toward the goal of net-zero greenhouse gas emissions by 2050, as outlined in the Paris Climate Accord.

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Poll: Inflation Has Americans Worried About Covering Expenses After Job Loss

The Center Square

A majority of Americans polled said they couldn’t afford to pay emergency expenses or cover their living expenses for just one month if they lost their primary source of income, according to Bankrate’s latest Annual Emergency Savings Report. The main reason cited is record-high inflation.

The majority surveyed, 68%, said they’re “worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income.”

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