Sri Lanka Died in a Western Debt Trap, and Others Will Follow

Western debt killed Sri Lanka. Others will fall too.

#credit-and-debt, #food-insecurity, #international-monetary-fund, #rajapaksa-gotabaya, #sri-lanka, #third-world-and-developing-countries, #wickremesinghe-ranil

In an Unequal Economy, the Poor Face Inflation Now and Job Loss Later

Americans with low incomes are pulling back from buying even as their richer counterparts keep spending — with potentially big consequences.

#affordable-housing, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #high-net-worth-individuals, #income-inequality, #inflation-economics, #interest-rates, #layoffs-and-job-reductions, #personal-finances, #poverty, #renting-and-leasing-real-estate, #stimulus-economic, #united-states-economy, #wages-and-salaries

The Companies That Take Money Straight From Your Paycheck

Some lenders and retailers have a pretty neat business model: You pay them before your wages ever hit your bank account. And sometimes they give you no choice.

#center-for-responsible-lending, #credit-and-debt, #credit-scores, #debt-collection, #personal-finances, #wages-and-salaries

If the Economy Is Shaky, Why Are Company Profits Still Strong?

Corporate optimism may seem at odds with the Fed’s grim determination to hold back the economy to get inflation down, but earnings tell a story that other data doesn’t.

#banking-and-financial-institutions, #company-reports, #corporations, #credit-and-debt, #mortgages, #personal-finances, #pultegroup, #real-estate-and-housing-residential, #united-states-economy

Where China Is Changing Its Diplomatic Ways (at Least a Little)

As relations with the U.S. and Europe plummet, Beijing is beginning a new wave of diplomacy in Africa, where it dominates trade with resource-rich nations.

#africa, #china, #communist-party-of-china, #credit-and-debt, #international-relations, #paris-club, #politics-and-government, #xi-jinping, #zambia

When a Woman’s Retirement Account Becomes the Family Emergency Fund

Women break into their savings to cover all kinds of expenses: home down payments, repairs, medical bills. That can hurt them years later.

#401k-403b-and-457-plans, #age-chronological, #content-type-service, #credit-and-debt, #financial-planners, #pensions-and-retirement-plans, #personal-finances, #retirement, #women-and-girls

China Is Playing Hardball with Troubled Debtors. That’s Dangerous for All of Us.

When one country defaults, lenders start worrying that others will do the same.

#africa, #belt-and-road-initiative-china, #china, #credit-and-debt, #far-east-south-and-southeast-asia-and-pacific-areas, #foreign-investments, #infrastructure-public-works, #internal-sub-only-nl, #international-relations, #latin-america

What Is the Yield Curve? Wall Street’s Recession Alarm Is Ringing.

An inversion of the bond market’s yield curve has preceded every U.S. recession for the past half century. It is happening again.

#credit-and-debt, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #recession-and-depression, #stocks-and-bonds, #united-states-economy

Italy Is Haunted by the Pain of Past Economic Crises

As the European Central Bank prepares to raise interest rates for the first time in more than a decade, the challenges for one of the bloc’s largest economies balloon again.

#credit-and-debt, #currency, #economic-conditions-and-trends, #european-central-bank, #european-union, #inflation-economics, #interest-rates, #italy, #prices-fares-fees-and-rates, #recession-and-depression

Loans Could Burn Start-Up Workers in Downturn

Tech workers took out loans based on the value of their start-up stock in recent years. That may come back to haunt them.

#bolt-financial-inc, #computers-and-the-internet, #credit-and-debt, #labor-and-jobs, #layoffs-and-job-reductions, #quid-troy-capital-group-intermediate-spv-llc, #secfi-inc, #start-ups, #stock-options-and-purchase-plans

Fed officials, spooked by data, fretted in June about inflation becoming entrenched.

Central bankers raised rates by the most since 1994 last month, and minutes from the gathering explained their logic.

#banking-and-financial-institutions, #consumer-price-index, #credit-and-debt, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #united-states-economy, #wages-and-salaries

In El Salvador, Bitcoin Is Nothing More Than Authoritarian Propaganda

The country’s cryptocurrency paradise is a mirage.

#bitcoin-currency, #bukele-nayib, #credit-and-debt, #economic-conditions-and-trends, #el-salvador, #freedom-of-the-press, #human-rights-and-human-rights-violations, #politics-and-government, #poverty

Where an Army Paycheck Is an Easy Target

An entire financial ecosystem surrounds the nation’s military installations. It’s a perilous landscape for young soldiers with little financial experience.

#credit-and-debt, #defense-department, #fort-campbell-ky, #omni-military-loans, #personal-finances, #united-states-defense-and-military-forces, #united-states-navy, #veterans

After Worst Start in 50 Years, Some See More Pain Ahead for Stock Market

At the halfway point of the year, it’s been a historically horrible time for stocks. Bonds are in bad shape, too.

#credit-and-debt, #mergers-acquisitions-and-divestitures, #recession-and-depression, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states-economy

The Fed Raises Interest Rates by 0.75 Percentage Points to Tackle Inflation

Central bankers raised interest rates by three-quarters of a percentage point, and signaled that they expect rates to be sharply higher by the end of the year.

#consumer-price-index, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #recession-and-depression, #united-states-economy

What the Fed’s Rate Hike Means for Mortgages

Rates on 30-year fixed mortgages track the yield on 10-year Treasury bonds, which are influenced by inflation and the Fed’s actions, among other things.

#credit-and-debt, #federal-home-loan-mortgage-corp-freddie-mac, #federal-reserve-system, #home-equity-loans, #interest-rates, #mortgages

Inflation Isn’t Going to Bring Back the 1970s

The Federal Reserve has the tools that it needs. Now it should use them.

#burns-arthur-f, #consumer-price-index, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #martin-william-mcchesney, #nixon-richard-milhous, #powell-jerome-h, #prices-fares-fees-and-rates, #recession-and-depression, #united-states-economy, #volcker-paul-a

Fed officials are looking for slower job growth. They’re still looking.

Central bankers are waiting for signs that momentum in the economy is easing to a more sustainable level as they fight inflation.

#credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #prices-fares-fees-and-rates, #united-states-economy, #wages-and-salaries

The Cost of Haiti’s Freedom

Two centuries ago, Haitians revolted against their French masters and declared independence. But this freedom came at a price.

#audio-neutral-informative, #credit-and-debt, #france, #haiti

Wall Street’s Losing Streak Ends, but Uncertainty That Drove It Lingers

As stocks have tumbled this year, predictions that the selling is over have been wrong time and again.

#consumer-behavior, #credit-and-debt, #federal-reserve-system, #gross-domestic-product, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #shopping-and-retail, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states-economy

Fed Minutes Show Officials Expecting to Raise Rates Three Times to Address Inflation

Minutes of the Federal Reserve’s May meeting underscored the deep concern within the central bank about rapidly rising prices that have far exceeded the Fed’s target.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #united-states-economy

7 Million Bad Student Loans With No Way Out, for Anyone

The Biden administration plans to offer those with loans in default a fresh start. It would help borrowers and the government alike.

#biden-joseph-r-jr, #colleges-and-universities, #consumer-protection, #credit-and-debt, #debt-collection, #education-department-us, #personal-finances, #student-loans

How Much Haiti’s Freedom Cost: Takeaways From a Times Series

How did the modern world’s most successful slave revolt give birth to a desperately poor nation? Here is a summary of what a team of New York Times correspondents found out.

#aristide-jean-bertrand, #bonaparte-napoleon, #charles-x-king-of-france, #citigroup-inc, #colonization, #corruption-institutional, #credit-and-debt, #duvalier-francois, #france, #haiti, #piketty-thomas, #reparations, #slavery-historical, #united-states, #united-states-international-relations

Student Debt Is Crushing. Canceling It Is Still Bad Policy.

Canceling student debt won’t fix what’s wrong with higher education.

#biden-joseph-r-jr, #black-people, #colleges-and-universities, #credit-and-debt, #devos-elizabeth-1958, #economic-conditions-and-trends, #education-department-us, #for-profit-schools, #income-inequality, #student-loans, #united-states-politics-and-government

How Do Higher Interest Rates Bring Down Inflation?

Our columnist is responding to readers’ questions. This week, he focuses on inflation, with the help of a bond maven and a Nobel laureate.

#consumer-price-index, #content-type-service, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #jones-kathy, #personal-finances, #phelps-edmund-s, #stocks-and-bonds, #treasury-department, #united-states-economy

Nearing a Grim Milestone: One Million U.S. Covid Deaths

Readers ponder an impending horrible milestone. Also: Grief in our times; college debt; policies and public opinion; students’ letters.

#colleges-and-universities, #coronavirus-2019-ncov, #credit-and-debt, #deaths-fatalities, #education-k-12, #grief-emotion, #polls-and-public-opinion, #student-loans, #united-states-politics-and-government, #vaccination-and-immunization

Why Musk’s Twitter Bid Has Shaken Tesla Investors

The chief executive’s debt load, his divided attention and Twitter’s own challenges could all take a toll on his electric-car company.

#credit-and-debt, #electric-and-hybrid-vehicles, #mergers-acquisitions-and-divestitures, #musk-elon, #social-media, #stocks-and-bonds, #tesla-motors-inc, #twitter

Yes, We Should Cancel Student Debt, but Only for Some

America’s social mobility machine is broken.

#biden-joseph-r-jr, #black-people, #colleges-and-universities, #credit-and-debt, #law-and-legislation, #millennial-generation, #student-loans, #united-states, #united-states-politics-and-government, #warren-elizabeth

America’s Inflation Solution Could Become the World’s Problem

Why raising interest rates here could lead to a lot of misery elsewhere.

#credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #international-trade-and-world-market, #recession-and-depression, #third-world-and-developing-countries, #united-states-economy, #world-war-i-1914-18

Will President Biden Forgive Student Loan Debt?

Some advocates believe President Biden’s repeated extensions of the repayment pause, now set to end Aug. 31, could force his hand on loan forgiveness.

#biden-joseph-r-jr, #clyburn-james-e, #credit-and-debt, #education-department-us, #new-america-foundation, #new-georgia-project, #personal-finances, #student-loans, #united-states-economy, #united-states-politics-and-government

What Will Happen if Russia Defaults on Its Debt?

The ultimate arbiter of a sovereign default is an open question but markets may have the final word.

#credit-and-debt, #credit-ratings-and-credit-rating-agencies, #economic-conditions-and-trends, #embargoes-and-sanctions, #fitch-ratings, #moodys-investors-service-inc, #office-of-foreign-assets-control-united-states-treasury, #russian-invasion-of-ukraine-2022

When Financial Cheating Hurts Your Retirement Plan

Financial infidelity destroys trust. It can deliver a serious blow to your post-career planning, too.

#401k-403b-and-457-plans, #content-type-service, #credit-and-debt, #credit-cards, #divorce-separations-and-annulments, #marriages, #personal-bankruptcies, #personal-finances, #retirement

Sri Lanka’s President Gotabaya Rajapaksa Faces Huge Protest

Gotabaya Rajapaksa is used to silencing and discrediting his political opponents. But that’s harder to do this time.

#appointments-and-executive-changes, #colombo-sri-lanka, #credit-and-debt, #demonstrations-protests-and-riots, #economic-conditions-and-trends, #politics-and-government, #rajapaksa-gotabaya, #rajapaksa-mahinda, #sri-lanka

China Sets Aside Push to Spread Wealth in Pivotal Year for Xi

Xi Jinping’s rhetoric about redistributing wealth was aimed partly at drumming up public support. But it unnerved entrepreneurs and posed a drag on growth.

#china, #communist-party-of-china, #coronavirus-2019-ncov, #credit-and-debt, #davos-switzerland, #economic-conditions-and-trends, #income-inequality, #liu-he-1952, #shanghai-china, #ukraine, #xi-jinping

U.S. blocks Russia’s access to dollars for bond payments, heightening risk of default.

The U.S. Treasury tightened its restrictions on Russian financial transactions on Monday, when more than half a billion dollars in bond payments were due.

#credit-and-debt, #currency, #embargoes-and-sanctions, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states-international-relations, #us-dollar-currency

Sri Lanka Economy Has ‘Hit Rock Bottom,’ Putting Pressure on President

A debt crisis is disrupting life across Sri Lanka, where food and fuel are suddenly either unavailable or exorbitantly priced. Protests are rising against a president with a reputation for brutality.

#colombo-sri-lanka, #credit-and-debt, #economic-conditions-and-trends, #international-trade-and-world-market, #oil-petroleum-and-gasoline, #politics-and-government, #rajapaksa-gotabaya, #rajapaksa-mahinda, #sri-lanka, #sri-lanka-easter-bombings-april-2019

How High Inflation Will Come Down

Why 2022 really isn’t much like 1980.

#credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #nineteen-hundred-eighties, #organized-labor, #prices-fares-fees-and-rates, #wages-and-salaries

Pakistan’s Cricket-Star-Turned-Prime Minister Fights for Survival

Soaring inflation and a rift with the military threaten Imran Khan’s tenure as prime minister. He has dismissed criticism as a foreign conspiracy.

#afghanistan, #china, #credit-and-debt, #defense-and-military-forces, #economic-conditions-and-trends, #espionage-and-intelligence-services, #human-rights-watch, #international-relations, #islamabad-pakistan, #khan-imran, #pakistan, #pakistan-peoples-party, #pakistan-tehreek-e-insaf, #politics-and-government, #russia, #swat-pakistan, #taliban, #united-states, #united-states-defense-and-military-forces, #united-states-international-relations

Russia appears to have avoided default as it makes a $117 million bond payment.

Sanctions have isolated the country financially, driven down the value of the ruble and cut off Moscow’s access to about half its foreign currency reserves.

#citigroup-inc, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #embargoes-and-sanctions, #fitch-ratings, #foreign-investments, #russia

Federal Reserve Walks a Tightrope Between Inflation and Recession

American consumers already have high inflation. Because of the oil price shock and Russia’s war, the odds of a recession have increased, too.

#china, #consumer-price-index, #credit-and-debt, #eastern-europe, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #prices-fares-fees-and-rates, #recession-and-depression, #russian-invasion-of-ukraine-2022, #supply-chain, #united-states-economy

Stocks climb but trading is volatile after Fed projects more rate increases this year.

The S&P 500 fluctuated, after earlier climbing more than 1.5 percent.

#banking-and-financial-institutions, #consumer-behavior, #coronavirus-2019-ncov, #credit-and-debt, #inflation-economics, #interest-rates, #united-states-economy

What a Federal Reserve Rate Increase Means for You

Rates on credit cards, savings accounts and different kinds of loans move when the Fed changes its benchmark rate. Here’s what you need to know.

#automobile-financing, #certificates-of-deposit, #content-type-service, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #mortgages, #personal-finances, #prices-fares-fees-and-rates, #savings, #student-loans, #treasury-department, #united-states-economy, #vanguard-group-inc

Dollars or Rubles? Russian Debt Payments Are Due, and Uncertain.

Citing sanctions, the Russian government warned it might pay foreign debt obligations in rubles. Credit rating agencies say a default is imminent.

#blackrock-inc, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #currency, #embargoes-and-sanctions, #european-central-bank, #fitch-ratings, #government-bonds, #jpmorgan-chasecompany, #politics-and-government, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #siluanovanton, #us-dollar-currency, #vanguard-group-inc

Black Farmers Fear Foreclosure as Debt Relief Remains Frozen

Lawsuits from white farmers have blocked $4 billion of pandemic aid that was allocated to Black farmers in the American Rescue Plan.

#agriculture-and-farming, #agriculture-department, #american-rescue-plan-2021, #biden-joseph-r-jr, #black-people, #credit-and-debt, #discrimination, #federation-of-southern-cooperatives-land-assistance-fund, #minorities, #national-black-farmers-assn, #sperling-gene, #stimulus-economic, #suits-and-litigation-civil, #united-states-economy, #united-states-politics-and-government

Bad Credit? No Savings? Unconventional (Maybe Risky) Ways to Buy a Home

Some consumer groups worry that buyers may not fully grasp what they’re giving up in these agreements.

#consumer-protection, #credit-and-debt, #equity-contracts, #home-equity-loans, #legal-aid-society, #mortgages, #real-estate-and-housing-residential, #rent-to-own, #shared-equity, #unison-home-ownership-investments

Renters Need All the Help They Can Get

The largest rental assistance effort in U.S. history is fundamentally flawed. Here’s how to fix it.

#coronavirus-2019-ncov, #credit-and-debt, #evictions, #hochul-kathleen-c, #real-estate-and-housing-residential, #renting-and-leasing-real-estate

New Economic Theories Aren’t Always Better

A bad forecast isn’t the same as an intellectual crisis.

#banking-and-financial-institutions, #credit-and-debt, #economics-theory-and-philosophy, #inflation-economics, #internal-sub-only-nl, #international-trade-and-world-market, #recession-and-depression, #united-states-economy

Inflation and Deficits Don’t Dim the Appeal of U.S. Bonds

Treasury rates remain strikingly low, partly because of the safety government debt offers corporations and retirees. Whether that endures is crucial to federal spending.

#credit-and-debt, #federal-budget-us, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #national-debt-us, #prices-fares-fees-and-rates, #stocks-and-bonds, #treasury-department, #united-states-economy

How Independent Voters Feel About Biden

Responses to a focus group of independent voters. Also: President Biden and the economy; Boris Johnson; sanctions against Russia; debtors and lawyers.

#biden-joseph-r-jr, #credit-and-debt, #embargoes-and-sanctions, #johnson-boris, #manchin-joe-iii, #presidential-election-of-2020, #putin-vladimir-v, #republican-party, #russia, #ukraine, #united-states-economy, #united-states-politics-and-government

They Need Legal Advice on Debts. Should It Have to Come From Lawyers?

A nonprofit has filed a lawsuit in New York, hoping to clear the way for volunteers to help people defend themselves against debt collection suits.

#consumer-protection, #credit-and-debt, #debt-collection, #first-amendment-us-constitution, #james-letitia, #legal-aid-for-the-poor-civil, #legal-profession, #new-york-state, #personal-finances, #suits-and-litigation-civil, #upsolve-inc