Russia’s financial markets remain closed Wednesday for the third day in a row as the country’s economy continues to take massive hits caused by Ukraine-related sanctions from Western countries.
The closure of the Russian exchanges is the longest since since 1998, according to Bloomberg News. Read More
The U.S. State Department joined an initiative to welcome Afghan refugees into the country that is sponsored by organizations supporting groups with possible ties to Palestinian terrorist organizations, a Daily Caller News Foundation review found.
Welcome.US is part of the Office of American Possibilities initiative, a project of Rockefeller Philanthropy Advisors, according to its website. The initiative’s main co-chairs include former President Barack Obama, former First Lady Michelle Obama, former President George W. Bush, former First Lady Laura Bush, former President Bill Clinton and former Secretary of State Hillary Clinton.
The initiative also formed a coalition composed of nonprofit leaders and organizations, former government officials, corporate leaders and public figures. Businesses, including Starbucks, Uber, Facebook, Microsoft, Walmart and Airbnb, also support the effort. Read More
Bowing to pressure from banks and taxpayers concerned about a proposal to require financial institutions to report to the IRS gross inflows and outflows for just about every account in the country, Democrats have attempted to quell concerns by raising the threshold. Unfortunately, even the raised threshold is still laughably low to accomplish Democrats’ stated purpose of cracking down on wealthy tax cheats.
The original proposal would have required financial institutions to report on any account (be it a checking account, savings account, stock portfolio, etc.) which handled more than $600 in inflows and outflows in a given year. Obviously, that’s just about every account.
But the new proposal isn’t much better. This time, the threshold would be set at $10,000, and exempt payroll deposits. In other words, if a given taxpayer received $20,000 in payroll deposits, they would only exceed the threshold were other deposits and spending, taken together, to exceed $30,000. Read More
Federal Reserve Governor Lael Brainard believes financial regulators should tell banks how to tackle climate change as a way to monitor threats to the overall financial system, The Wall Street Journal reported.
Brainard outlined in a speech how the central bank should prepare for climate change events like flooding and wildfires, which she thinks could deliver a shock to the markets and economy. Read More
Another 5.2 million Americans filed for initial unemployment claims last week, bringing the total number of jobs lost to the Chinese coronavirus and related government closures to anywhere from 21.8 million to 24.8 million jobs lost in about one month, and when added to the 5.8 million who were already jobless, produces an effective unemployment rate of 16.7 to 18.5 percent. Read More
Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.
Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.” Read More
WASHINGTON – The U.S. House of Representatives voted Wednesday to advance legislation that would allow banks to provide services to cannabis companies in states where it is legal. Read More