-
18 votes
-
Sam Bankman-Fried: FTX founder arrested in Bahamas
11 votes -
Denmark's largest bank Danske Bank has been fined €470 million over an international money laundering scandal
4 votes -
At least $1 billion of client funds missing at failed crypto firm FTX, sources say
23 votes -
Banks devising ways to ID mass shooters before they strike
6 votes -
US grew 2.9% in third quarter, GDP shows, and there’s little sign of recession for now
8 votes -
Inflation, part 2: Shelter in Canada and the United States
3 votes -
Mormonism and the rise and fall of mutual aid
3 votes -
I fought the PayPal and I won
8 votes -
US GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive
8 votes -
The case of the disappearing ink—a US tax court mystery
4 votes -
Insurers force change on US police departments long resistant to it
8 votes -
Can software simplify the supply chain? Ryan Petersen thinks so
6 votes -
US child poverty rate at an all-time low
11 votes -
Siting bank branches
3 votes -
A Chinese spy wanted GE’s secrets, but the US got China’s instead
11 votes -
4,000 US Google cafeteria workers quietly unionized during the pandemic
12 votes -
How this Florida town became the sea sponge capital of the world | Big Business
2 votes -
The Biden-Harris administration's US student debt relief plan
35 votes -
The new US Income-Driven Repayment system could cause some big problems
7 votes -
Buy a rural hospital for $100? Investors pick up struggling institutions for pennies
7 votes -
Inflation reduction act explained by Hank Green
7 votes -
Why does the IRS need $80 billion? Just look at its cafeteria.
15 votes -
US consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit
8 votes -
Walmart ponders streaming deal with Paramount, Disney and Comcast
3 votes -
How prisoners in America got into stocks
14 votes -
Counterfeits, fraud, and theft: Why Silca changed its return policy
8 votes -
US Mega Millions ticket wins $1.34 billion lottery jackpot
13 votes -
US SEC charges eleven people in alleged $300 million crypto Ponzi scheme
10 votes -
United States: An uneasy feeling
7 votes -
Monetary policy, inflation outlook, and recession probabilities
3 votes -
Euro reaches parity with dollar
I didn't find any great links so made this a self post. Here are some just from Google but they mainly just say what's on the tin:...
I didn't find any great links so made this a self post. Here are some just from Google but they mainly just say what's on the tin:
https://www.cnn.com/2022/07/11/investing/euro-dollar-parity/index.html
As of 5:00 pm Eastern on July 11th 2022, if you check the exchange rate, the dollar is now 1:1 with the Euro.
In terms of effects, it seems complicated. Europe has a decently export heavy economy, unlike the US (for which only 10% of its GDP comes from manufacturing), so a weak Euro will help that.
However, it will make all imports more expensive. This is another supply shock, as most of continental Europe already faces heavy issues with regards to energy given the sanctions on Russia, one of the primary energy providers.
So it will certainly make domestic inflation worse (note: domestic inflation and the value of the currency on FX are different things - although they can mutually affect each other). If nothing else, the LNG Europe is buying from the US will be more expensive. The ECB has struggled to raise interest rates to fight inflation given Spain and Italy's high debt levels, and this won't help.
Winter could potentially be very, very bad.
For the US, a strong dollar is probably fine. The US is not a heavy export country, and the dollar surge helps cement reserve currency status from which the US gets a number of benefits. A slowdown in exports will also help tamper inflation.
The pound for the most part has tracked with the Euro, brexit or not.
17 votes -
Right-wing think tank Family Research Council, a staunch opponent of abortion and LGBTQ rights, joins growing list of activist groups seeking church status to shield themselves from financial scrutiny
6 votes -
FTC sues Walmart for facilitating money transfer fraud that fleeced US customers out of hundreds of millions
9 votes -
Russia defaults on foreign debt for first time since 1918
15 votes -
Is the era of cheap money over?
6 votes -
$100 million worth of crypto has been stolen in another major hack
9 votes -
Immigration shortfall may be a headwind for labor supply
5 votes -
Untangling persistent versus transitory shocks to inflation
3 votes -
The stock market kinda wants a recession
10 votes -
Danish toy company Lego said it plans to invest more than $1 billion over ten years – new factory in the US and to enlarge an existing factory in Mexico
8 votes -
Rumors abound that Netflix will buy Roku
6 votes -
Trader Joe's workers in Massachusetts file to create chain's first union
16 votes -
Inside Florida's property insurance crisis
10 votes -
Melvin Capital to shut after heavy losses on meme stocks, market slump
8 votes -
America’s infant formula crisis and the ‘resiliency’ mirage
6 votes -
The US Federal Reserve is set to pull back economic help rapidly. Is it too late?
8 votes -
America's highest earners and their tax rates revealed
21 votes -
Looking for a brand name that will stand out – American companies are increasingly mining Finnish for short, simple, and unique words
9 votes -
Plastic (and payments) in the fantasy supply chain
3 votes