Chamath Palihapitiya's 'Economic Miracle,' US GDP Surge, Peter Schiff's Dire Warning And More: Top Economics News This Week

As we wrap up another eventful weekend, the investment world was abuzz with fresh insights and predictions. The week was highlighted by Chamath Palihapitiya’s views on the US economy, a robust Q3 GDP report, dire warnings from economist Peter Schiff, and more. Let’s take a closer look at these stories.

Chamath Palihapitiya’s ‘Economic Miracle’

Chamath Palihapitiya, known as the SPAC king, expressed his confidence in U.S. companies, noting their attractiveness compared to the rest of the world. He suggested that an economic miracle could be possible in the US, based on certain conditions. According to Palihapitiya, U.S. companies account for over 60% of the MSCI World Index, implying a steady increase since 2010. Non-U.S. companies, he observed, trade at a discount to their U.S. counterparts. Read the full article here.

Impressive Q3 US GDP Growth

Defying expectations, the U.S. economy recorded a robust 4.9% growth rate in the third quarter of 2023. This growth rate outperformed economists’ projected growth rate of 4.3%. Excluding the post-pandemic period, the economic growth witnessed in the last quarter ranks among the strongest in the past decade. The U.S. dollar index saw a significant 0.2% rise following this announcement. Read the full article here.

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Peter Schiff’s Warning Amid Rising Treasury Yields

Peter Schiff, a noted economist, has raised the alarm for investors, drawing parallels between the current market conditions and the 1987 stock market crash. He pointed out that the current rise in Treasury yields could pose a significant risk, even more so than the situation in 1987. Read the full article here.

US Economy Roars, But One Red Flag Emerges

Despite the U.S. economy’s impressive performance, as evidenced by the recent GDP report, experts have flagged some unsettling trends. While the economy recorded a strong 4.9% growth rate in Q3 2023, economic columnist Heather Long pointed out a “red flag.” Read the full article here.

Peter Schiff Slams ‘Greatest Economy’ Claim

Renowned economist Peter Schiff criticized new House Speaker Mike Johnson's claim that the U.S. had the “greatest economy in the history of the world” under former President Donald Trump, terming it as “pure B.S.” Read the full article here.

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