Central banks have not merely inflated the bejesus out of assets prices. They have also caused the very foundations of financial markets to metastasize, yielding an endless array of new products that have no real economic function except to facilitate new forms of pure wagering.
President Joe Biden has picked Federal Reserve Chair Jerome Powell to serve a second four-year term at the helm of the central bank, while nominating Lael Brainard, the only Democrat on the Fed’s seven-member board, to serve as second-in-command at the Fed.
Joe Biden's son was part owner of a venture involved in the $3.8 billion purchase by a Chinese conglomerate of one of the world’s largest cobalt deposits. The metal is a key ingredient in batteries for electric vehicles.
Democrats persuade a slim majority to approve the centerpiece of President Biden’s economic agenda, though the bill now faces an evenly divided Senate.
CVS Health Corp. announced Thursday that it will close 900 stores over the next three years, or about 10 percent of its locations in the United States, as it shifts to adding more primary-care offices at different sites.
