Economist’s “News and Views” Thursday 8-1-2024
U.S. Banks Report Unprecedented 23% Surge in Delinquencies As Losses Increase
Atlantis Report: 8-1-2024
The U.S. banking sector is currently facing challenges as it deals with a significant surge in delinquency rates, leading to mounting losses.
Recent reports have revealed a shocking 23% increase in delinquencies, causing concern for both banks and borrowers nationwide.
This sharp rise in borrowers falling behind on their payments has increased bank losses, impacting their profitability and stability.
Jim Willie: ¨Rate Cuts & BRICS 'Unit' Will Drive Gold Higher¨
Arcadia Economics: 8-1-2024
In the midst of a chaotic election season, a Fed meeting, and more progress by the BRICS on their 40% gold backed 'Unit,' who better to check in with than Dr. Jim Willie.
Jim talks about the the policies that Trump is going to implement if elected, how that will affect the gold market, and the latest he's hearing about the BRICS plan for their 'Unit' payment currency.
Especially at such a volatile time in the financial and political markets, you'll want to hear the latest from Jim. So click to watch the video now!
BRICS Trade 23.9% UP Amid US and EU Decline: What next?
Fastepo: 8-1-2024
The growth of trade volume between China and BRICS member states has seen a remarkable upward trajectory, significantly reshaping global trade dynamics.
In 2022, trade between China and the BRICS countries reached unprecedented levels, reflecting robust economic partnerships and strategic collaborations. China’s trade with the existing BRICS nations has been characterized by substantial increases across various sectors.
For instance, trade with Russia alone hit $190 billion in 2022, while bilateral trade with Brazil reached $165.6 billion. Trade with India and South Africa also showed significant growth, indicating deepening economic ties despite political and geographical challenges.
Collectively, China’s trade with BRICS members totaled 2.38 trillion yuan (about $325.7 billion), up 19.1% year-on-year. Exports reached 1.23 trillion yuan, up 23.9%, while imports were 1.15 trillion yuan, up 14.3%.
The inclusion of new BRICS members, each bringing unique economic strengths, is expected to further diversify and expand trade volumes.
Saudi Arabia and the UAE, as major oil producers, will enhance energy trade. Ethiopia and Egypt will add to Africa’s representation, potentially increasing infrastructure investments and economic development projects across the continent.
Conversely, trade between China and Western economies has shown signs of decline. In the first half of 2023, trade between China and the EU fell for the first time in four years, reflecting increasing geopolitical tensions and economic sanctions.
Similarly, trade with the United States experienced a downturn, with bilateral trade declining by 11.6% in 2022 compared to the previous year. These declines highlight the shifting trade dynamics as China pivots towards stronger economic relationships with BRICS countries and other emerging markets.
In this video, we delve into the transformative shift in global trade patterns, moving away from the traditional East-West axis towards a burgeoning South-South framework.
This emerging trend is reshaping not only trade routes but also the broader global order. The increasing trade and economic cooperation between countries in the Global South is heralding a new era of geopolitical influence, challenging the longstanding dominance of Western powers.
This shift signifies a profound change in the global economic landscape, with significant implications for international relations and economic policies worldwide