This week, the global economic landscape witnessed significant developments. From the BRICS summit’s discussions on de-dollarization to China’s measures to shield its economy, the world’s financial systems are in flux. Let’s delve into the top stories that made headlines.
BRICS Summit Concludes with Divergent Views on De-dollarization
The BRICS coalition, comprising Brazil, Russia, India, China, and South Africa, concluded its summit without a consensus on introducing a new currency to challenge the US dollar. While some leaders advocated for a common BRICS currency, others expressed reservations. Read the full article here.
Peter Schiff’s Warning on the Economy
Economist Peter Schiff issued a warning following the recent weak economic data, suggesting that if Americans think the current economic situation is bad, they should brace for what’s coming. Read the full article here.
Cathie Wood’s Contrarian View on Inflation
Ark Invest founder Cathie Wood shared her perspective on the real economic risk, suggesting that it isn’t inflation but deflation. She believes that nominal and real growth are under significant stress. Read the full article here.
China’s Measures to Protect Its Economy
China is taking drastic steps to shield its economy from the challenges in its real estate sector. The country has directed state-owned banks to reduce bank deposit and mortgage rates and is also considering amplified stimulus measures. Read the full article here.
Economists React to August Jobs Report
The August jobs report showed job creation exceeding expectations, but with a rise in the unemployment rate. Economists weigh in on the data, providing insights into how the Federal Reserve might react. Read the full article here.
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