Tag: dollar

Commentary: Dethroning King Dollar

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Joe Biden is dethroning King Dollar in real time. The US dollar’s financial dominance is under siege from a uniquely bad combination of foreign and domestic policies, and Americans should be deeply concerned by the fallout if the dollar loses its 80-year reign as the world’s reserve currency.

In just the past weeks, China conducted the first major LNG sale in renminbi instead of dollars, struck a major deal with Brazil to conduct trade in their own currencies, and just announced the sale of 65,000 tons of LNG to France denominated in yuan. This dovetails with the Biden administration’s inflationary policies and ham-handed sanctions on Russia that accelerated foreigners’ flight from the dollar at the very moment the world doubts if the dollar remains a safe and reliable store of value.

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Whitmer to Pitch Additional $500M in ‘Economic Development’ Spending

The Center Square
Gov. Whitmer

Gov. Gretchen Whitmer is expected to pitch spending $500 million of additional federal taxpayer money on private companies that produce electric vehicles (EV). The governor will discuss her proposal on Wednesday at 11 a.m.

However, it’s unclear if general economic development is an approved use of federal COVID dollars under U.S. Treasury guidelines.

The Detroit News first reported the story.

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New Poll Confirms Widespread Support for School Choice

The Center Square
Student raising hand in class

A majority of voters support school choice, a new poll from Echelon Insights shows.

Among more than 1,100 registered voters surveyed, 65% support school choice compared to 19% who oppose it, while 16% remain unsure.

The findings were consistent across party lines, with 75% of Republicans, 60% of independents, and 61% of Democrats saying they strongly or somewhat support school choice. Most voters in both parties agree parents should control all or some of the tax dollars they pay for education.

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Minnesota Republicans to Pitch Plan to Spend Federal Stimulus Money on Hard-Hit Industries, Unemployment Fund, and Infrastructure

The Center Square
Senate Majority Leader Paul Gazelka and Sen. Zach Duckworth

Senate Majority Leader Paul Gazelka, R-East Gull Lake, and Sen. Zach Duckworth, R-Lakeville, on Friday announced a package aiming to spend billions of federal dollars on hard-hit industries, filling the unemployment fund, and infrastructure plans.

“These one-time funds provide us with the chance to set Minnesotans on a path for long-lasting growth. By targeting our spending for maximum impact, we are setting Minnesotans up to rebuild their community connections, invest in their families, and help our businesses recover and grow.” Duckworth said in a statement. “Most importantly, these investments are being made without increasing taxes on Minnesotans who have already sacrificed so much in the last year.”

The bill language, expected to be released next week, seeks to direct $2.5 billion of the American Rescue Plan to Minnesotans hardest hit by the pandemic and promote economic growth, according to a press release.

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China Scrambles To Blunt The Force Of Trump’s Tariffs With Over $100 Billion Injection

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Xi Jinping

by Hannah Bogorowski   China’s central bank announced late Sunday that it is planning to unleash nearly 700 billion yuan ($107.5 billion) into the financial system by cutting the amount of cash some banks must hold as reserves by 50 basis points. The People’s Bank of China (PBOC) said on Sunday that the latest reduction in some banks’ reserve requirement ratios (RRRs), currently 16 percent for large banks and 14 percent for smaller banks, will take effect on July 5, according to CNBC. “This move will help support the real economy and stabilize financial markets. We’ve seen rising debt defaults and funding strains on small firms, as well as a sharp adjustment in the capital market,” Beijing’s chief economist at Zhongyuan Bank, Wang Jun said. Sunday’s announcement followed the worst weekly loss in the country’s stock market since February, as President Donald Trump’s threatening trade war looms over the country. China’s net exports were already lagging in growth for the first quarter, according to analysts at CNBC, emphasizing the need for strong and stabilized economy before the tariffs hit. This latest RRR cut will take effect a day before the awaited tariffs will be applied, as China and the United States are…

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