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Category: Economy

Matt Gaetz speaking into a microphone in front of a video screen showing an American flag.

The Wide Angle: The Resurgence of the 70 Percent

by Dave Troy | Jul 5, 2023 | Economy, The Wide Angle

The debt ceiling standoff revealed the presence of an interesting statistic, hiding in plain sight: 70 percent. The House averted financial disaster by passing a debt ceiling compromise with a vote of 314 out of 435—or 72 percent. The Senate passed its measure 63–36. When the chips are down, Americans overwhelmingly choose stability, sanity, and […]

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Kevin McCarty and Joe Biden in the Oval Office.

Kill the Debt Ceiling!

by Steven Pressman | Jun 28, 2023 | Economy

The debt ceiling—the maximum amount the federal government can borrow—is an anachronistic relic from World War I. Enacted by Congress in 1917, it allowed President Wilson to fight the war without waiting for lawmakers to return to Washington and vote to increase spending. Not wanting to give the president a blank check, Congress limited borrowing […]

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President Joe Biden

How Biden Ends the Phony Debt Crisis: The Law is Clear – Here’s The Speech

by Jonathan M. Winer | May 9, 2023 | Economy, Politics

Resolving some hostage crises – as when Putin grabs American basketball players and Wall Street Journal reporters – can require making difficult trade-offs with thugs. But the refusal of Congressional Republicans to lift the debt ceiling is not one of them. The U.S. Constitution is clear that no law, of any kind, trumps the mandate […]

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Federal Reserve Bank

Another Banking Crisis in Making?

by Steven Pressman | May 1, 2023 | Economy

Silicon Valley Bank (aka SVB) collapsed on March 10, followed by Signature Bank two days later. Fearing mass panic, the FDIC decided to make whole all deposits at both banks, even though they were insured only up to $250,000. On March 16, First Republic Bank was saved from bankruptcy when several large banks lent it […]

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Stack of cryptocurrencies: bitcoin, ethereum, litecoin, monero, dash, and ripple coin together, 3D rendering.

The New Populist Bogeyman: Central Bank Digital Currencies

by Dave Troy | Apr 11, 2023 | Economy, The Wide Angle

Online propagandists and populist candidates have set their sights on a new enemy: Central Bank Digital Currencies (CBDCs). These currencies differ from private-sector cryptocurrencies like Bitcoin in that they are state-sanctioned and operated. Newly-expressed concerns over CBDCs augment long-running populist disdain for the Federal Reserve and other central banks. Opponents of CBDCs cite the potential […]

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