Tag: #GDP

FedEx founder issues dire warning about ‘unsustainable’ government debt – NaturalNews.com

Fred Smith, the founder of executive chairman of shipping giant FedEx, is the latest business leader to sound the alarm that if America’s ballooning public debt is left unchecked, it…

Things are moving right along for the global takedown of the United States dollar and associated central banking system as Russian President Vladimir Putin has assured the world that de-dollarization is both inevitable and “irreversible.” Speaking via livestream at the BRICS Summit, Putin, who was unable to show up in person because of an International Criminal Court (ICC) arrest warrant and Rome Statute requiring the South African government to detain him, emphasized that the de-dollarization movement is “gaining momentum.” The U.S. dollar is becoming increasingly less powerful, Putin explained, noting that its ongoing decline as the respected global reserve currency is an “objective and irreversible” process that no amount of Western pearl-clutching and warmongering can change.” Putin revealed that he is optimistic about the future of BRICS – and so is Chinese President Xi Jinping, who is urging BRICS to become a geopolitical rival to the Western-led G7. According to Putin, the BRICS member nations (Brazil, Russia, India, China, and South Africa) hold a cumulative 26 percent of global gross domestic product (GDP), which is certainly nothing to scoff at. When measuring their collective share based on purchasing power parity, BRICS has already surpassed the Group of Seven who are leading industrialized nations – BRICS currently accounts for 31 percent of the global economy, Putin said, while the G7 only accounts for 30 percent. Over the past decade, mutual investment between the BRICS member states has increased sixfold while their total investments in the world economy have doubled. Meanwhile, cumulate exports from BRICS nations now account for 20 percent of the global total. (Related: At the start of the 2023 summer season, Putin confirmed that the BRICS member nations are currently establishing a new gold-back global reserve currency to replace the increasingly worthless U.S. fiat dollar.) Putin blasts “illegitimate sanctions” imposed by U.S. and West, calls them “unlawful freezing of sovereign states’ assets” Putin would go on to fire shots at the U.S. and the West at large, accusing it of imposing “illegal sanctions” because of Russia’s invasion of Ukraine. We know the invasion centers around Putin’s efforts to rid Ukraine of U.S.-run biological weapons laboratories and other facilities manufacturing weapons of mass destructions (WMDs), though the West says Putin is trying to steal sovereign land from Ukrainians. These illegitimate sanctions, Putin added, “seriously weigh on the international economic situation,” as does the “unlawful freezing of sovereign states’ assets.” “We are consistently increasing fuel, food and fertilizer supplies to the states of the Global South,” Putin further stated, adding that the ongoing scourge of international food shortages is the direct fault of the West’s “unlawful” sanctions. Xi, meanwhile, did not even show up to the BRICS meeting, and no explanation was given as to why he was absent. “I believe that this summit of the leaders of the member countries of the association will be an important milestone in the history of the development of the BRICS mechanism, that it will strengthen cohesion and cooperation among developing countries to an even higher level,” read the website of the Chinese Foreign Ministry ahead of the summit’s first day. It is China, just to emphasize once again, that remains the driving force, along with Russia, to make the BRICS block of emerging markets a full-scale rival to the G7. Will it succeed? “If we expand BRICS to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger,” one Chinese official who declined to be identified is quoted as saying. The latest news about the takedown of the U.S. dollar by BRICS can be found at DollarDemise.com. Sources for this article include: ZeroHedge.com NaturalNews.com

De-dollarization “gaining momentum … irreversible,” Putin tells BRICS summit in remote address Things are moving right along for the global takedown of the United States dollar and associated central banking…

Data coming out of Europe shows that business activity this month has contracted to its lowest level since November 2020. In the Eurozone – the parts of the continent that currently use the euro as its main legal currency – the HCOB Flash Eurozone composite purchasing managers’ index (PMI) fell to 47.0 in August from 48.6 in July, its weakest level in 33 months. A PMI is a comprehensive index attempting to measure the prevailing direction of economic trends in certain economic sectors. The quoted flash composite PMI is focused on the eurozone’s manufacturing and services sectors. (Related: Conservative German party brands EU a “failed project,” calls for its complete overhaul as a federation of autonomous nations.) A reading of 50 or above would have marked an expansion in economic activity, while a reading below last month’s 48.6 would have signaled a contraction in the continent’s economy. Some economists were hoping for a very modest increase to 48.8 for August. The recent PMI would be the lowest reading since April 2013 if the Wuhan coronavirus (COVID-19) pandemic months were excluded. Cyrus de la Rubia, chief economist for the Hamburg Commercial Bank in northern Germany, said the eurozone’s service sector is “unfortunately showing signs of turning down to match the poor performance of manufacturing.” The services PMI dropped to a 30-month low at 48.3, while the manufacturing PMI only rose slightly from 42.7 in July to 43.7 in August – nowhere near enough to prevent the eurozone from entering a recession. “Considering the PMI figures in our GDP [growth] nowcast leads us to the conclusion that the eurozone will shrink by 0.2 percent in the third quarter,” predicted de la Rubia. “The downward pressure on the economy of the eurozone in August stems mainly from the German service sector, which switched from growth to contraction at an unusual pace,” de la Rubia added, noting that reduced output in German manufacturing also added to arguments that the country is becoming “the sick man of Europe.” Euro, British pound falling in value Following the release of the eurozone composite PMI, the euro responded by losing approximately 0.3 percent of its value compared to the United States dollar, trading at a low of $1.0809. Across the English Channel, the United Kingdom pound similarly experienced a dip, falling by 0.8 percent in value to $1.2636. These values represent a more than one-month low for the euro and a two-month low for the pound. Furthermore, the worse-than-expected readings have made financial analysts predict that both the Bank of England and the European Central Bank (ECB) may respond with less aggressive interest rate increases. “The continuing sharp drop in the PMI data will test the ECB’s growth optimism,” said Mark Wall, chief European economist at Deutsche Bank. “Ongoing manufacturing weakness might be more than just cyclical. It could reveal a more persistent and structural competitive shock.” “The weakening in services might reveal that monetary transmission is stronger than the hawks were expecting,” he continued. “We are expecting the ECB to pause [rate increases] in September, but it is not clear that inflation is where the ECB wants it yet. A pause should not be misinterpreted as the peak.” Back in July, ECB President Christine Lagarde herself noted that, for August, the central bank would either raise rates or pause rate hikes. No discussions were done considering decreasing interest rates. “We continue to expect services inflation to ease enough over the coming months to convince the ECB to not hike past September,” said Melanie Debono, senior Europe economist for economic research firm Pantheon Macroeconomics. “Stagnating employment combined with decreasing production and results therefore in lower output per head,” said de la Rubia. “As a result, the ECB may be more reluctant to pause the hiking cycle in September.” Current predictions suggest that ECB rates will remain unchanged next month at 3.75 percent. Learn more about the rapidly deteriorating state of the global economy at EconomicRiot.com. Watch this video discussing how at least four European countries – Estonia, Germany, Hungary and the Netherlands – are already in a recession and at least 24 more are on the verge of it. This video is from the channel MEGA (Make Earth Great Again) on Brighteon.com. More related stories: The international monetary system will COLLAPSE, warns James Rickards – it’s not a matter of IF but WHEN. Bond investors warn: Brace for INEVITABLE RECESSION caused by Fed’s continued RATE HIKES. Calm before the storm: Financial experts warn current market calm is a sign of impending recession. Germany falls into RECESSION amid high energy prices and drop in consumer spending. Europe has spent hundreds of billions in energy subsidies to shield citizens from EU-caused energy crisis. Sources include: CNBC.com Barrons.com MarketWatch.com Investopedia.com Brighteon.com

IMPLOSION: Latest data shows Europe’s economy has contracted to its lowest activity level since first year of pandemic Data coming out of Europe shows that business activity this month has contracted…

Survive the News