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Opinion: Household wealth plummets by $13.5 trillion, second-worst drop on record

Opinion: Household wealth plummets by $13.5 trillion, second-worst drop on record

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US households lost an estimated $6.8 trillion in wealth in the first three quarters of 2022 as the SPX stock market, -0.73% DJIA, -0.90% COMP, -0.70% has lost more than 25% of its value, the Federal Reserve reported Friday in the government’s quarterly financial accounts. Nominal net worth fell 4.6% to $143.3 trillion, as the …

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Currency swap debt is an $80 trillion global regulator, says 'blind spot'

Currency swap debt is an $80 trillion global regulator, says ‘blind spot’

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LONDON, Dec 5 (Reuters) – Pension funds and other “non-bank” financial firms hold more than $80 trillion in hidden off-balance sheet dollar debt in foreign exchange swaps, the Bank for International Settlements (BIS) said. ). The BIS, dubbed the central bank of central banks around the world, also said in its latest quarterly report that …

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America's ticking time bomb: $66 trillion in debt that could bring down the economy

America’s ticking time bomb: $66 trillion in debt that could bring down the economy

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Wake up, America. That ticking you hear is the US debt time bomb that with each passing day is about to explode and crash the US economy. Businesses, consumers, and especially federal and state governments have become addicted to red ink as if it were crack. Two factors fueled this borrowing frenzy: an era of …

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Bond market bulls gain $2.8 trillion after rebound

Bond market bulls gain $2.8 trillion after rebound

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(Bloomberg) – Global bonds rebounded in November, adding a record market value of $2.8 trillion, as investors bet central banks are keeping inflation under control. But how long the party lasts is another matter. Bloomberg’s Most Read Investment-grade government and corporate debt rose to a market value of $59.2 trillion from $56.4 trillion at the …

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Banks are more than $1 trillion short of capital, analyst says, who fears shortfall will only get worse

Banks are more than $1 trillion short of capital, analyst says, who fears shortfall will only get worse

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The new year is fast approaching and one idea for where to invest is the banking sector, whose margins benefit from high interest rates, at undemanding valuations. This statement may surprise those who think that the US banking industry has about $2.2 trillion in capital. But it reduces that figure in several ways. First, he …

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The IRS says its 87,000 new hires could help raise up to $1 trillion, by forcing tax cheats to pay. But will more "fire-breathing dragons" really do the trick?

The IRS says its 87,000 new hires could help raise up to $1 trillion, by forcing tax cheats to pay. But will more “fire-breathing dragons” really do the trick?

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The IRS says its 87,000 new hires could help raise up to $1 trillion, by forcing tax cheats to pay. But will more “fire-breathing dragons” really do the trick? Get ready, ultra-wealthy Americans: President Joe Biden wants you to start paying your share. Through the Cut Inflation Act, Biden plans to increase funding for the …

The IRS says its 87,000 new hires could help raise up to $1 trillion, by forcing tax cheats to pay. But will more “fire-breathing dragons” really do the trick? Read More »

Total household borrowing reached $16.51 trillion in the third quarter, an increase of $351 billion from the previous quarter and an 8.3% jump from a year ago

US household debt climbs to $16.5 trillion, biggest jump since 2008

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US household debt soars to $16.5 trillion – an 8.3% rise in the fastest rise since 2008 – as inflation pushes Americans to tap lines of credit to afford rising prices U.S. household debt has risen 8.3% in the past year, the fastest pace since 2008 Total household borrowing hit $16.51 trillion in the third …

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Singles' Day Sales in China Could Surpass 1 Trillion Yuan Even as Economy Cools | CNN Business

Singles’ Day Sales in China Could Surpass 1 Trillion Yuan Even as Economy Cools | CNN Business

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hong kong CNN Business — Singles Day in China, the largest in the world annual trade event, is known for regularly breaking sales records. This year’s windfall, which ends Friday and is led by internet titans Alibaba (BABA) and JD.com (JD), is likely to be no exception: first time. Singles Day typically eclipses two of …

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Biden on pace for a $1 trillion budget deficit in 2023: $2.7 billion in new debt a day

Biden on pace for a $1 trillion budget deficit in 2023: $2.7 billion in new debt a day

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Sen. Mike Braun, R-Ind., weighs in on a potential government shutdown as senators race to pass an interim spending bill. The federal government added $83 billion to the national debt in the first month of fiscal year 2023, according to the Congressional Budget Office (CBO), a rate of $2.7 billion in new debt per day …

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