Commentary Last week’s struggle in the House of Representatives to select Kevin McCarthy (R-Calif.) as speaker of the House is probably the most contentious House battle most of us will see in our lifetimes. But there is another one coming that is far more important: the battle over the debt ceiling, which will be looming…
The Big House Fight to Come Will Be the Debt Ceiling
January 10, 2023
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118th CongressBusiness & MarketsBusiness ColumnistsdebteconomyFederal debt ceilinggovernment debtPolicies & ImpactsPoliticsUSUS News
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The East-West Wage Gap Is Closing
Commentary One of China’s great economic advantages is going away. Relatively low-cost, reliable labor has been a mainstay of China’s economic engine for decades. Manufacturers from Europe and North America for years rushed investments into China to produce their products at a lower cost than they could domestically, first simple, cheaper items and later more…
China’s Ant Group Says Founder Jack Ma Will Give up Control
WASHINGTON—E-commerce billionaire Jack Ma will give up control of Ant Group, the leading Chinese financial technology provider he founded. In a statement posted Friday, Ant Group said that after an ownership restructuring, “no shareholder, alone, or with other parties” will have “control over Ant Group.” The company is an affiliate of e-commerce giant Alibaba, which…
Is the Fed Trying to Wean Markets Off Monetary Policy?
January 7, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyFedinflationMarketsMonetaryOpinionPolicyrecessionUSUS NewsViewpoints
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Commentary Is the Fed trying to wean the markets off monetary policy? Such was an interesting premise from former British diplomat Alastair Crooke via the Strategic Culture Foundation, to wit: “The Fed however, may be attempting to implement a contrarian, controlled demolition of the U.S. bubble-economy through interest rate increases. The rate rises will not slay…
December Jobs Prints Well, but …
January 6, 2023
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Business & MarketsBusiness ColumnistsFederal Open Market Committee (FOMC)jobs reportOpinionViewpoints
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Commentary The December jobs report showed that the economy added 223,000 new jobs, somewhat better than the consensus estimate of 203,000 jobs. This morning’s print is 33,000 fewer jobs than were created in November 2022 and 384,000 fewer jobs than were created in the COVID recovery period of December 2021. Net revisions for October and November resulted in 28,000 fewer jobs in the last three…
Apple Kisses Up to China Again
Commentary Apple is doing the splits. The maker of iPhones, MacBooks, and AirPods is moving much of its production outside of China to the United States, India, and Vietnam. Simultaneously, the company is shifting production within China from Taiwanese to Chinese companies. Moves to the West and friendly countries will please Western consumers and governments….
Faltering American Consumers
January 6, 2023
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AmericansBusiness & MarketsBusiness Columnistshomebuying and homebuildinginflationOpinionResidential constructionThinking About China
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Commentary Since the recovery from COVID-19 lockdowns began, American households have provided the economy’s driving force. Homebuying and homebuilding boomed, and retail purchases soared in 2021 and early 2022. That picture has changed, however, as rising interest rates have rendered home ownership too expensive for many, and inflation has cut deeply into the buying power…
Multinational Companies Accelerate Moving Production Out of China, Reshaping Global Supply Chains
January 5, 2023
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Business & MarketsBusiness ColumnistsCCP VirusChinaChina Business & Economychina supply chainGlobal supply chain disruptionINSIDE CHINApandemic control measureSpecial Topics
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News Analysis Communist China’s two extreme ways of handling the pandemic—from implementing the previous zero-COVID policy to the current lifting of restrictions without a plan—pose major challenges to the global supply chains. Multinational companies have made concerted efforts to reduce reliance on China’s parts network. They now consider supply chain reliability and flexibility more significant…
Beijing’s Dubious Yuan Dreams
January 3, 2023
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Business & MarketsBusiness ColumnistsChina's currencyOpinionprimary reserve currencyreplace the dollarthe YuanThinking About China
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Commentary Chinese leader Xi Jinping just completed a successful trip to the Middle East. There he stressed trade relations with oil-rich nations, especially Saudi Arabia. Xi also made clear a strong desire for oil contracts to settle in yuan and not, as usual, in dollars. He made no secret that his goal was to advance…
Today’s Cheaper Gas Is the Calm Before Next Year’s Storm
Commentary With some regions of America enjoying gasoline prices below $3 a gallon after a summer that saw the national average exceed $5 for the very first time, it’s tempting to lull oneself into thinking cheap gas will last. In fact, it won’t last for very much longer at all, especially with this administration’s never-ending…
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