How the surging U.S. dollar is making it almost impossible to afford anything in countries around the world
The dollar is up 18% this year and last month hit a 20-year high.
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selling assets is only going to bring that cash home sooner, the difference will be that .gov isn't distributing it amongst us and we will have a chance to dilute the impact of that, so, yeah, i agreeIt's to combat the BRIICs organization. The USA could reduce inflation by opening up domestic energy production, but the current centrally planned economy is a preview of what will happen when other countries fall out of line.
Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said on Sunday.
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The indicator would be based on a basket of several currencies and possibly gold, he said.
"It is for the sake of the idea of pegging -- and I'm not talking about the price, I'm speaking about the idea," he said. "America is not my major trading partner. I don't know why people are always fixated on the dollar.
"Part of our success will be in changing the culture and idea that we are pegged. We want to be seen against every currency."
The Egyptian pound had been virtually fixed at about 15.70 pounds against the dollar for 18 months before the Ukraine crisis triggered a flight of billions of dollars out of Egyptian treasuries in a matter of weeks, prompting the central bank to devalue the currency in March and let it gradually weaken since then.
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The Egyptian pound had strengthened against the euro, the British pound and the Turkish lira since the the Ukraine crisis. "But people don't see all that," Abdalla told the conference.
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We started stocking just after 9/11 and then went into overdrive when the Beer Virus started. And, not just food.better get stocked up now, anything you're gonna need in the next few years type of stocked up....
and we've got welfare recipients stealing laundry soap...like it's gonna go outta stylePreparation H costs more than cocaine in Colombia. They should put cocaine in an ointment and sell it OTC.
A combination of a stronger U.S. dollar and higher commodity prices, which is a departure from a historical trend, increases the risk of global stagflation, said the Bank for International Settlements.
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Emerging markets are more affected by this than developed ones, the report pointed out. "This reflects the higher commodity consumption of EMEs and their greater exposure to swings in global financial conditions," it added.
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This is particularly important given that commodity prices have been rising in the post-COVID environment while the U.S. dollar strengthened on the back of aggressive Federal Reserve rate hikes.
"Commodity price rises tend to stoke inflation and choke off growth in commodity-importing economies, while dollar appreciation tends to have similar effects outside the United States, especially in EMEs," the report said. "Thus, the confluence of such developments over the past couple of years has significantly increased the risk of stagflation, ie that weak growth will coincide with high inflation."
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There has been a surge in protests and strikes around the world, primarily focused on economic hardships, skyrocketing inflation, political turmoil, and geopolitical issues.
Recent protests have emerged in France, Greece, Great Britain, Israel, Venezuela, South Korea, Moldova, and Portugal. While some of these demonstrations have been peaceful, others have resulted in clashes with law enforcement.
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* bump *
Feels like there is a lot happening recently with Armenia, Canada/India and now Hamas/Israel threatening to set the whole middle east on fire again.
... Arab countries talking about trade agreements and peace accords with Israel.
Azerbaijan and Armenia have reached an initial agreement regarding the text of the Regulation on the organization and holding of meetings and joint working meetings between the State Commission on delimitation of the state border between the Republic of Azerbaijan and the Republic of Armenia and the Commission on delimitation of the state border and Border Security between the Republic of Armenia and the Republic of Azerbaijan ...
The United States Department of Justice has announced charges against an Indian man accusing him of working for the Indian government to carry out the planned assassination of a Sikh separatist leader in New York.
The formal allegations on Wednesday, linking the government of Prime Minister Narendra Modi to the attempted killing of US citizen Gurpatwant Singh Pannun, follow drips of leaks to newspapers referring to the case.
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The US Justice Department announced murder-for-hire and conspiracy charges against Indian national Nikhil Gupta, 52. Gupta is believed to be a resident of India.
Federal prosecutors describe Gupta as an associate of an Indian government agency employee identified only as “CC-1”. The employee, CC-1, has previously described himself as a senior field officer who works with security management and intelligence. CC-1, according to the indictment, previously worked with the Central Reserve Police Force, a leading Indian government paramilitary force.
The indictment alleges that CC-1 directed the murder plan from India and recruited Gupta around May 2023 to coordinate it.
CC-1 directed Gupta to contact a criminal associate to execute the murder. Gupta contacted someone he believed to be a criminal associate. But in reality, according to the Justice Department, the person Gupta hired was — unknown to him — a source working confidentially for US law enforcement. This source in turn connected him to a “hitman” who was actually an undercover law enforcement officer, working for the Drug Enforcement Administration (DEA).
Gupta agreed to pay the hitman $100,000 for the job, paying him an advance of $15,000 in cash in Manhattan around June 9.
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U.S. allegations that an Indian government official directed an unsuccessful plot to assassinate a Sikh separatist on U.S. soil underscores the need for India to take similar allegations by Canada seriously, Canadian Prime Minister Justin Trudeau said on Wednesday.
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