Gross Domestic Product

"There Was White Smoke": Greece Reaches Deal With Lenders, Promising Even More Austerity

With promises to further cut pensions and give taxpayers fewer breaks, Greece paved the way for the disbursement of further rescue funds from international lenders and possibly opened the door to reworking its massive debt Reuters reported. Greek Finance Minister Euclid Tsakalotos announced it with a term associated with papal elections. "There was white smoke" he told reporters.

Which U.S. States Depend The Most On Foreign Trade?

From the chart, it is clear that the U.S. economy is at least partially reliant on foreign trade. This is especially true for states with major trade hubs and multinational corporations. At the same time, low population states without major trade hubs are not very reliant on international trade.

Trump Tax Cuts To Add As Much As $7 Trillion In Debt

"Based on what we know so far, the plan could cost $3 to $7 trillion over a decade– our base-case estimate is $5.5 trillion in revenue loss over a decade.... a $5.5 trillion tax plan would be enough to increase debt to 111 percent of Gross Domestic Product (compared to 89 percent of GDP in CBO's baseline) by 2027."

Oil Slides After Saudis Unexpectedly Cast Doubt On Production Cut Extension

One week after "unnamed sources" reported that Saudi Arabia had backed the proposed 6 month extension to oil production cuts, this morning oil is lower after the world's biggest oil producer appeared to backtrack on its trial balloon from last week, when Saudi Arabia’s energy minister said it is "too early" to decide whether OPEC will extend its crude-production-cutting agreement for the rest of the year.

Trump Reverses On NATO: "It's No Longer Obsolete"

"The Secretary General and I had a productive discussion about what more NATO could do in the fight against terrorism.  I complained about that a long time ago and they made a change.  And now they do fight terrorism.  I said it was obsolete.  It's no longer obsolete."

The Next Step In Europe's Negative-Interest-Rate Experiment

"Paper money appears at first sight to be a great saving, or rather that it costs nothing; but it is the dearest money there is." This is the uncomfortable truth of the euro currency experience. As it seems, people in the euro area about to learn an old lesson: namely that unbacked paper money - which is what the euro represents - cannot be trusted.