The online petition for monthly direct payments of $2,000 has drawn more than 2,695,300 signatures.
Today, there is no state, county or city in the U.S. where a minimum-wage employee working 40 hours per week can afford a 2-bedroom rental, a recent study said.
While Biden said that Wall Street experts say that the inflation is unlikely to be long-term, conservatives are skeptical.
The Republican senator said "we may learn something from our Democratic friends in Texas."
The prominent progressive Vermont senator said the massive budget reconciliation proposal "will pay for itself."
The inflation spike can be attributed to a higher demand for goods and services, which remain in low supply, as the economy reopens from the pandemic
Sponsored ArticleAMPLIFY - Finance
This fintech partners with banks to offer no-fee checking accounts that make your salary available as soon as your employer sends in the monthly payment.
The U.S. Securities and Exchange Commission (SEC) delayed completion of its review of SkyBridge Capital's application for a Bitcoin exchange traded fund to late August. Gasoline prices have jumped about 40% since the first of the year and are likely to go higher.
A survey by Crypto Head, a crypto education site, ranked the U.S. first followed by Cypress, Singapore and Hong Kong,
China's continued crackdown on Bitcoin mining sent the value of the world's leading cryptocurrency below $30,000 for the first time since late January. The U.S. remaining the top destination for overseas money in 2021 and 2022, the United Nations said in a report.
"As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal," Powell said.
Bitcoin fell about 7% Monday, dipping below $33,000 for the first time since June 8. Employment for workers earning less than $27,000 a year fell 23.6% in the first four months of 2020, while employment for workers earning $27,000 to $60,000 fell just 4.5%.
"While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings," a World Bank spokesperson told Newsweek.
Nearly 90% of the world's central banks are developing digital currencies, apparently pressured by the rise of Bitcoin and other crypto currencies. Retail sales dipped in May, but spending at bars and restaurants surged as COVID-19 vaccination rates rose.
Bitcoin's 10% climb in the last two days raises a basic question: Is this a dead cat bounce or the foundation for a rally? The National Retail Federation (NRF) said it expects retail sales to increase 10.5% to 13.5% this year compared with 2020.
May brought another surge in prices for American consumers—a .6 percent uptick over April and 5 percent over the past year, the biggest inflation spike since 2008.
The Tysons Corner, Virginia-based analytics and business-intelligence company plans to offer $500 million in debt to acquire additional Bitcoin. The World Bank says top economies will see their fastest recovery in 80 years, but many poor nations will struggle to regain pre-pandemic income levels.
"In true Trump style, his words are contradictory, claiming that Bitcoin is both a 'scam' and yet it competes with the dollar," Jason Deane, Bitcoin analyst at Quantum Economics, in London, told Newsweek.
The dumpster was filled with Venezuelan bolivar fuerte notes, which are no longer in use and therefore virtually worthless.
Elon Musk's recent comments about Bitcoin undercut the efforts of investors to establish it as an asset class, and could erode Musk's standing as leader of his two major companies, Tesla and SpaceX.
"It's not about avoidance but rather portfolio construction based on an individual's investment goals or situation," Bill Herrmann, Co-Founder and Managing Partner at Wilshire Phoenix in New York told Newsweek.
Crypto prices have recovered from the lows, but investors remain cautious. Meanwhile, the dollar continued to tick down as traders assessed U.S. inflation, job growth and consumer spending amid the economic rebound from the COVID-19 lockdown.
The Bitcoin fear and greed index registered "extreme fear" Wednesday—but that could be a buying opportunity for gutsy investors, especially as the timid have sold into a falling market.
On the strength of two recent tweets from Elon Musk, Bitcoin Armageddon has been avoided—at least for now. And Federal Reserve Chairman Jerome Powell has predicted that any increase in inflation above the Fred's 2% target will be "transitory."
The price of gold has risen as Bitcoin's value has plunged, and the economic recovery from the pandemic is threatened by indications of impending inflation.
Two events caused the drop in Bitcoin value: Elon Musk said Tesla would no longer accept Bitcoin as payment for its electric cars and the People's Bank of China restated its ban on the use of cryptos for any type of payment.
Bitcoin continued its five-day retreat Wednesday, losing about 34% in May and tumbling below $40,000 in what could be the worst month since November 2018.
Michael Saylor, CEO of Nasdaq-listed Microstrategy, said the company invested another $15 million in Bitcoin after Tesla CEO Elon Musk said Wednesday his company would no longer accept the cryptocurrency as payment for its electric cars.
The current U.S. economic situation is becoming increasingly unsustainable. Annual deficits and the national debt can't keep rising endlessly as Modern Monetary Policy theorists suggest. Asset bubbles always burst.