Government Shutdown, Rate Hike Warnings And Jamie Dimon's Warning On Fed: This Week In Economics

As we wrap up another eventful week, let’s take a moment to revisit some of the most notable happenings. The week was rife with speculations around a potential government shutdown, predictions on Federal Reserve actions, and possible contenders for the 2024 general election.

From economists to venture capitalists, experts have been sharing their views on these issues. Here’s a look at the top stories that shaped the discourse.

Peter Schiff’s Take on Government Shutdown

Economist Peter Schiff gave an unusual twist to the impending government shutdown situation. He opined that if all federal taxes were suspended during a shutdown, it would gain widespread public support. Schiff added that any unpaid taxes during this period should be legally forfeited. His comments came amidst rising anxiety over a possible shutdown if lawmakers fail to agree on a funding deal. Read the full article here.

Jamie Dimon’s Warning on Federal Reserve Actions

CEO of JPMorgan Chase & Co, Jamie Dimon, issued a stark warning about the possible fallout if Federal Reserve benchmark interest rates were to soar to 7%. According to Dimon, such a scenario could lead to a financial stress test of epic proportions. He used Warren Buffett’s famous saying to illustrate the potential economic turmoil. Read the full article here.

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Chamath Palihapitiya’s 2024 Election Speculation

Venture capitalist Chamath Palihapitiya shared his views on the possible contenders for the 2024 general election. He believes that the candidate advocating no more wars and the need for zero-based budgeting for the U.S. government will gather many votes. His comments offer a different perspective from the widely expected contest between President Joe Biden and his predecessor Donald Trump. Read the full article here.

Goldman Sachs on Government Shutdown

Goldman Sachs chief economist, Jan Hatzius, predicts a government shutdown lasting two to three weeks starting Oct. 1. Hatzius believes the odds of a shutdown this year have risen to 90%, given the lack of significant progress or sufficient time remaining to prevent it. Read the full article here.

Jamie Dimon on India-US Economic Ties

Jamie Dimon, during his first visit to India since the onset of the global health crisis, voiced his support for strengthening economic ties between the U.S. and India. He praised Indian Prime Minister Narendra Modi‘s efforts to streamline the Indian economy and emphasized India’s vast economic potential. Read the full article here.

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