Economy & Policy
Contrary to popular belief, offshore banking isn’t limited to the rich and unethical. It’s sometimes necessary for people — even ordinary Americans — to have offshore accounts for legitimate financial reasons. Curious what offshore banking can do for you?
Quick Look The Federal Open Market Committee of the Federal Reserve hiked the closely watched federal funds rate by 25 basis points, or one-quarter of a percent, at its meeting in July 2023. Federal Reserve Chair Jerome Powell announced the move at 2pm Eastern Time on Wednesday, July 26. The FOMC’s July 2023 rate hike
The Panic of 1907 was a major American financial crisis that occurred in the fall of 1907. Also known as the Bankers’ Panic or Knickerbocker Panic, it nearly ruined the New York Stock Exchange. In its aftermath, Congress created the Federal Reserve Bank of the United States.
Japan, Germany, and the United Kingdom all have postal banks. Why doesn’t the United States? Actually, we did back in the early 20th century, but the idea never really took off. Maybe, just maybe, its time has come again.
Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Bitcoin, Ethereum, and a host of alternative coins exist today. Learn what cryptocurrency is, how it works, the history of the technology, and examples of cryptocurrencies today.
Some call it the gig economy. Others call it the peer economy. Others, the collaborative economy, or “collaborative consumption.” Still others, the sharing economy. Tomayto, tomahto. More important than what it’s called is what it is. As Fast Company contributor Rachael Botsman pointed out in a now-classic article on the topic, the sharing economy has
During the 2020 presidential primary, multiple candidates drew attention to the concept of a wealth tax. While wealth taxes can come in many forms, there’s a lot of misinformation and misunderstanding about them. Find out how they work and who they really impact.
There’s already a lot of misinformation out there about the Credit Card Competition Act. Before you decide whether you’re in the pro or con camp, it’s important to understand what the law is, how it will work, and who it helps and, yes, harms.
The U.S. government is in danger of intentionally defaulting on its debt obligations for the first time in its history. But is this just a bunch of political hyperbole or are there serious consequences? Find out what the debt ceiling is and how a default could affect you.
The theory behind the gold standard is that it keeps overspending and inflation in check. While that sounds like something that couldn’t go wrong, the reality doesn’t live up to the hype.
Economic historians — and anyone who lived through it — will remember 2022 as a year of rapidly rising interest rates. From closely watched benchmarks like the federal funds rate to rates on mortgages, auto loans, and credit cards, the year ended with much higher rates than when it started. Even if you pay your