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ELON MUSK’S DOGE PLAN TO SAVE THE U.S. ECONOMY FROM RECESSION AMID BITCOIN TURMOIL
Billionaire founder and U.S government efficiency advisor Elon Musk has proposed a strategic plan to avoid America’s economic fall into recession. With fears of a U.S. recession rising by 43% and government debt ballooning, Musk’s Department of Government Efficiency (DOGE) is choosing to bet on expansion, not reductions.
This approach may sound risky, but here’s the twist — it’s already showing some results.
Let’s find out.
Elon Musk’s Fix: Grow the Economy, Don’t Shrink It
For decades, the go-to solution during economic trouble has been to cut government spending. But now, with the U.S. debt mounting and the U.S. 10-year Treasury yield jumping to 4.5% and recession odds climbing to 43%, Musk argues that this strategy is no longer enough.
Musk says improving productivity and expanding GDP are the only real ways to avoid national bankruptcy. He admits that government waste is a serious problem, but believes that strong reforms can still make a difference.
And he’s not alone. Treasury Secretary Scott Bessent, once a firm supporter of spending cuts, now says the U.S. must “grow its way out” of the debt crisis.
According to him, if the economy grows faster than the debt, it becomes possible to manage both. This change in thinking marks a huge turning point for U.S. economic policy.
DOGE’s Progress So Far
While Musk in the 2024 U.S. election campaign promised DOGE would save $2 trillion from government spending — which is one-third of the entire federal budget — as of May, it has already saved $170 billion, which is:
- 17% of its $1 trillion goal, and
- 8.5% of the “dream target.”
Bitcoin Drops After Trade War Warning
After Donald Trump warned about new trade tariffs on Europe, Bitcoin and other cryptocurrencies quickly dropped. Eventually, Bitcoin has become very sensitive to what’s happening in politics. As these tensions rise, crypto prices are moving fast.
Just recently, Bitcoin hit a record high above $112,000. But after the news, it dropped 2.7% and is now trading around $107,937.
@ Newshounds News™
Source: Coinpedia
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BRICS: US DOLLAR IS REPLACEABLE? SINGAPORE’S CENTRAL BANK HEAD REVEALS
The BRICS alliance is looking to replace the US dollar on the global stage with local currencies. The bloc wants their respective national currencies to thrive and make the greenback sit in the rear seat of the economy. The de-dollarization agenda is gaining steam worldwide as emerging economies are prioritizing local currencies to push their GDP.
The greenback is at risk of losing its global dominance as many countries are considering ending reliance on the currency. However, Singapore’s Central Bank head Chia Der Juin touched on the BRICS subject of de-dollarization and explained whether the US dollar can be replaced in the financial sector.
BRICS: Singapore Central Bank Head Reveals If the US Dollar Can Be Replaced
The Singapore Central Bank’s head revealed that the US dollar is irreplaceable and no BRICS currency can take its place. He said that the US dollar-based assets have “enduring advantages” and remain virtually irreplaceable in the global markets.
“The $28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point,” he said.
BRICS might find it hard to replace the US dollar as its foundation is strong, according to Singapore’s Central Bank head. He even touched on the topic of institutional Asian funds buying US-based assets for better profits.
“There is generally an overweight exposure to US assets from Asian investors. In fact, most of it is unhedged. So some changes in that sentiment and the read of the direction of the market can cause an outsized reaction,” Chia said.
In conclusion, Singapore’s Central Bank head is relatively optimistic about the US dollar-based assets than the BRICS currencies. No national currency is fit enough to withstand the whiplash of the financial markets. Only the greenback is a seasonal contender and can push its weight across even during troubled waters.
@ Newshounds News™
Source: Watcher Guru
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