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☆ Interest rates have broken the global wealth pump
▼ + stars: | 2023-06-23 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Rising inflation and higher interest rates would appear to make matters even worse. In the United States, immigration and the offshoring of manufacturing has undercut the power of labour. Ultra-low interest rates proved the greatest wealth pump ever devised, loading the dice in favour of the financial elite. Since the turn of the century, when the Federal Reserve under Alan Greenspan reduced interest rates to a new post-war low, wealth has consistently grown faster than GDP. That’s where higher interest rates come in.

Persons: Leonard Cohen, Peter Turchin, “ cliodynamics ”, Clio, Turchin, Hong Xiuquan, Andrew Carnegie, Henry Clay Frick, ”, Donald Trump, ” Turchin, Alan Greenspan, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Times, Elites, Steel, Reuters Graphics Reuters, Wall Street, Federal Reserve, McKinsey Global Institute, McKinsey, Thomson Locations: United States, France, China, Taiping, Japan

☆ Government workers warned against sharing classified information with ChatGPT, Daily Telegraph reports
▼ + stars: | 2023-06-19 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

UK government workers were reportedly warned not to input classified information into AI chatbots. A document leaked to the Telegraph told them not to share anything "classified" or "sensitive." The guidelines also flagged the potential for bias in these AI systems, the paper reported. UK government workers have been warned not to input any classified information into AI chatbots such as ChatGPT, The Telegraph has reported. Romania has also pioneered the use of AI chatbots in government — having unveiled Ion, an AI advisor to its prime minister, in March.

Persons: Rishi Sunak, — Organizations: Telegraph, Morning, UK Civil Service, British, Tokyo Metropolitan Locations: Tokyo, Romania

☆ Teachers in England to strike for two more days in July
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 17 (Reuters) - Teachers in England will strike on July 5 and July 7, the National Education Union (NEU) said on Saturday, staging further industrial action over a pay and funding dispute with the government. The new dates announced by Britain's largest education union come on top of at least six days of walk-outs by teachers in England from February to May. Teachers rejected a government pay offer for an average rise of 4.5% plus a 1,000 pound one-off payment in April. While teachers in Wales and Scotland have settled their dispute, the NEU said Britain's Education Minister Gillian Keegan was not doing enough to stop further industrial action in England. Workers in healthcare, transport, the civil service and other sectors have gone on strike over the past year across Britain in pay disputes as inflation reached 40-year-highs.

Persons: Gillian Keegan, Sarah Young, Andrew Heavens Organizations: National Education Union, Britain's, Teachers, Education, Workers, Thomson Locations: England, Wales, Scotland, Britain

☆ Opinion: History is not on Donald Trump’s side
▼ + stars: | 2023-06-13 | by ( Opinion Gautham Rao | ) edition.cnn.com time to read: +5 min

Editor’s Note: Gautham Rao is associate professor of American and legal history at American University in Washington and editor-in-chief of Law and History Review. CNN —Here we are with another scandal involving former President Donald Trump. Over time, the professionalization of the government workforce would feature the rise of a civil service, the emergence of bureaucratic experts and the establishment of administrative law. The Presidential Records Act of 1978, passed in the wake of President Richard M. Nixon’s Watergate scandal, was another example of this evolving system. In 1974 Congress passed a law specifically to prevent Nixon from withholding records and followed it up a few years later with The Presidential Records Act, which explicitly designates presidential records as public records.

Persons: Gautham Rao, Read, Donald Trump, Trump’s, Trump, Jack Smith’s, Max Weber, Franklin Roosevelt’s, Richard M, Nixon, Donald J Organizations: American University, Law, American State, CNN, National Archives, American, Presidential, Presidential Records, Twitter Locations: Washington, United States, German

☆ The Senate just passed the debt ceiling bill. Here’s what happens next
▼ + stars: | 2023-06-02 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Since the debt ceiling was breached in mid-January, the Treasury Department has not been able to borrow more money. What happens once the debt ceiling is raisedBy law, the Treasury Department is obligated to make any funds that were affected by the extraordinary measures whole. Unlike Treasury bill auctions that occur on a weekly and monthly basis, cash management bill auctions are irregular, though not uncommon. Over the past 25 years, the Treasury held six one-day cash management bill auctions. In turn, investors may opt to buy more Treasury bills instead of stocks, potentially sucking some liquidity out of the market.

Persons: Joe Biden, States ’, They’re, wasn’t, Biden Organizations: New, New York CNN, US Department of, Treasury, Treasury Department, Civil, Disability Fund, Postal Service, Congressional, CBO Locations: New York, States, United States

Kumar, like others in his position, knows all too well the frustrations that can build when work is scarce. “Since childhood, we’ve been facing this competition,” said Sarang Agrawal, 28, who is studying for the Indian civil service entrance test. There’s competition everywhere.”Sarang Agrawal (center) is studying in the hope of becoming a civil servant. Vijay Bedi/CNNNo social life, no love life … and no plan BLike Kumar and Kumari, Agrawal knows all about competition. He is among the more than 1 million people who apply each year for a position in the Indian civil service.

☆ Treasury now says it could run out of money June 5, buying time for debt ceiling talks
▼ + stars: | 2023-05-26 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

WASHINGTON — Treasury Secretary Janet Yellen said Friday that the United States will likely have enough reserves to push off a potential debt default until June 5. "We now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," Yellen wrote in a letter to House Speaker Kevin McCarthy. On Wednesday, the Fitch credit rating agency announced it had placed the United States' triple-A status on "rating watch negative." On Friday, in a preliminary International Monetary Fund annual assessment of the United States, officials wrote that "brinkmanship over the federal debt ceiling could create a further, entirely avoidable systemic risk to both the U.S. and the global economy." Should the United States technically default, even for just a few days, it could drive up interest rates and undermine confidence in the U.S. dollar.

☆ Treasury's Yellen says June 5 is last date for debt ceiling to be raised
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 26 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the $31.4 trillion debt ceiling by June 5. Yellen had previously said a default could potentially happen as early as June 1, but is now characterizing June 5 as the precise deadline. "We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5," she wrote. Democratic and Republican negotiators appeared within reach of a deal on Friday but still struggled to resolve thorny differences. In a letter to Congress, Yellen said her department will make more than $130 billion of scheduled payments in the first two days in June, including to veterans and Social Security and Medicare recipients.

They are seeking to form a coalition government with six other parties, all of which are due to sign the agreement on their objectives later on Monday. Other alliance members have had reservations about tampering with that law. The party had on Friday said lese-majeste would be included only if the eight parties backed it. His alliance comprises 313 seats, but it needs backing from 376 legislators to vote Pita in. Reporting by Panarat Thepgumpanat, Chayut Setboonsarng and Panu Wongcha-um; Writing by Martin Petty; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Flush With Campaign Cash, Tim Scott Is Set to Join ’24 Race
▼ + stars: | 2023-05-19 | by ( Jonathan Swan | Maggie Haberman | ) www.nytimes.com time to read: +1 min

After announcing his campaign in his hometown, North Charleston, Mr. Scott will head to Iowa and New Hampshire, the first two states of the Republican nominating contest. Mr. Scott’s campaign has reserved around $6 million in advertisements across television and radio in those states, according to an adviser with direct knowledge of Mr. Scott’s plans. Mr. Scott, the most influential elected Black conservative in America, has a compelling life story around which he is expected to build his campaign. Mr. Scott rarely criticizes Mr. Trump directly, but his message could not be more different from the former president’s. While Mr. Trump talks ominously of “retribution” — his promise to gut the civil service and law enforcement agencies that he pejoratively calls the “deep state” — Mr. Scott prefers the sunny language of Ronald Reagan.

☆ Here's when the government's bills are due as U.S. tries to avoid default
▼ + stars: | 2023-05-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

After that date, the Treasury will have to decide which obligations don't get paid, even as multiple critical bills are due. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. The think tank Bipartisan Policy Center modeled the Treasury Department's cash flow, noting what day bills are paid. The Treasury has taken extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June. Treasury Secretary Janet Yellen demurred when asked in an interview with CNBC this month what bills would be prioritized in the event of a default.

☆ National Conservatism: Why are some British Conservatives behaving like the next election is already lost?
▼ + stars: | 2023-05-18 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

The list goes on, but the general theme of this conference was that British Conservatism is having an identity crisis and these ideas could be the solution. CNN spoke to several people involved in this conference as well as people inside the Conservative Party who opposed the conference and its ideas. Another group of Conservatives supporting the vocal criticisms of Sunak are, sources say, thinking beyond the election and about future leadership contests. Indeed, another Conservative conference was held at the weekend, seen widely as a “Bring Back Boris” event, which the former PM didn’t turn up to. Pro-Sunak Conservatives who still think the next election could be won are also not happy.

☆ When Will the U.S. Run Out of Cash? The Answer Is Complicated.
▼ + stars: | 2023-05-18 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

While Treasury has the most sophisticated cash management system in the world and employs teams of highly trained economists, its coffers are a blur of payments going out and tax revenues coming in. When its cash balance runs painfully low — as was the case on Wednesday, when the Treasury General Account started the day with less than $100 billion — pinpointing the X-date becomes even harder to predict. On June 2, the government has to pay $25 billion in Social Security benefits and another $2 billion for Medicaid. During those two days, the government is projected to spend about $140 billion and bring in only $44 billion in tax revenue, leaving the nation’s coffers operating on fumes. One big problem this year is that tax revenues have been coming in at a more tepid pace than anticipated.

In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ US debt limit default could hit in early June to early August -think tank
▼ + stars: | 2023-05-09 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 9 (Reuters) - The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The Bipartisan Policy Center (BPC), which closely monitors debt limit disputes in Congress, had estimated in February the X-date could come between summer and early fall, but now sees a default hitting much earlier if Congress fails to raise the $31.4 trillion U.S. borrowing cap. "The coming weeks are critical for assessing the strength of government cash flows," Shai Akabas, BPC director of economic policy. The think tank's latest estimate roughly agrees with the Congressional Budget Office's revised assessment that there is now a "significantly greater risk" of an early June default. Later on Tuesday, President Joe Biden is scheduled to meet with U.S. House of Representatives speaker Kevin McCarthy and other congressional leaders to discuss options to resolve the debt limit standoff between Democrats and Republicans.

☆ You don't need a college degree to work for this member of Congress
▼ + stars: | 2023-05-04 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

College degree requirements lock millions of Americans out of jobs. Persistent labor shortages have caused some states and companies to drop degree requirements. However, persistent labor shortages have helped call such degree requirements into question. Craig said she is the first member of Congress to officially drop degree requirements for congressional staff. "Every job description should consider: Does this job actually need a four-year degree," or is relevant experience sufficient, she said.

☆ ATF broke the law by paying agents millions in wrongful benefits, watchdog tells Biden
▼ + stars: | 2023-05-02 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Bureau of Alcohol, Tobacco, Firearms and Explosives police officers are seen in Uvalde, Texas, May 25, 2022. The U.S. Office of Special Counsel, which disclosed the mismanagement, said it had alerted President Joe Biden and Congress of "substantial waste, mismanagement, and unlawful employment practices" involving high-level jobs at ATF. The Office of Special Counsel said that during a five-year period that officials investigated, 108 ATF employees who worked in non-law-enforcement jobs "were improperly provided Law Enforcement Availability Pay (LEAP) and enhanced retirement benefits." In its official response to OSC, ATF contested claims about the designation of some of the positions being misclassified. OPM later concluded that the ATF's leadership "demonstrated disregard for the rule of law and regulations" governing federal management policies and practices.

House Republicans passed a bill to raise the debt limit last week that includes steep spending cuts which the Democratic-controlled Senate and Biden say they will not approve. Biden has steadfastly said he will not negotiate over the debt ceiling increase, but will discuss budget cuts after a new limit is passed. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country's top-notch credit rating. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said Biden would veto the legislation.

☆ Why has Dominic Raab resigned as British deputy prime minister?
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 21 (Reuters) - British Deputy Prime Minister Dominic Raab resigned on Friday following an independent investigation into allegation that he bullied colleagues. Raab told Prime Minister Rishi Sunak in the letter the inquiry had dismissed all but two of the claims levelled against him and that it had set a dangerous precedent for government ministers. 'DANGEROUS PRECEDENT'"In setting the threshold for bullying so low, this inquiry has set a dangerous precedent," Raab said. Raab, who also previously served as Britain's foreign minister, said he would remain supportive of Sunak and the government. He said at the time he had been notified of complaints from when he was foreign minister and justice minister.

☆ UK economy flat in February as strikes and inflation bite — and the IMF delivers reality check
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LONDON — The U.K. economy flatlined in February as widespread industrial action and persistently high inflation stymied activity. Large-scale strike action has been carried out in recent months by teachers, doctors, civil servants and rail workers, among others — members of the sectors that were the largest contributors to the fall in February services output. The independent Office for Budget Responsibility no longer expects the U.K. economy to enter a technical recession in 2023 — defined as two consecutive quarters of contractions. "Industrial strike action was the primary root cause of stagnating growth in the U.K. over the month. Much of the population also remains mired in a cost-of-living crisis, as inflation continues to vastly outpace wage growth, exacerbating the threat of further industrial action.

☆ Factbox: The struggle for power in Sudan
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

The following outlines the struggle for power in Sudan in recent years:WHO HAS BEEN IN CHARGE IN SUDAN? Sudan began its halting transition towards democracy after military generals ousted long-ruling autocrat Omar al-Bashir amid a popular uprising in April 2019. Under an August 2019 agreement, the military agreed to share power with civilians ahead of elections. That arrangement was abruptly halted by the 2021 coup, which triggered a new campaign of mass pro-democracy rallies across Sudan. The military has been a dominant force in Sudan since independence in 1956, staging coups, fighting internal wars, and amassing economic holdings.

☆ France to ban TikTok on work phones of civil servants -minister
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 24 (Reuters) - France will ban the use of Chinese-owned video-sharing app TikTok on the work phones of civil servants, Civil Service Minister Stanislas Guerini said on his Twitter account. "In order to guaratne the cybersecurity of our administrations and civil servants, the government has decided to ban recreational applications such as TikTok on the professional phones of civil servants," he said in a statement. Reporting by GV De Clercq Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Obama wants companies to strip degree requirements from more six-figure jobs to address the labor shortage
▼ + stars: | 2023-03-20 | by ( Jason Lalljee | Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Former President Barack Obama said more states should drop degree requirements for government jobs. It's an example of "a smart policy that gets rid of unnecessary college degree requirements and reduces barriers to good paying jobs," Obama said on Twitter. In recent years, states have eliminated four-year degree requirements to shore up their understaffed governments, and Republican governors have led the way. Arizona and Oregon have temporarily loosened degree requirements to address a teacher shortage. Georgia and Alaska are considering dropping degree requirements to fill government vacancies as well.

☆ Analysis: Sudan paramilitary leader jostles for role ahead of civilian handover
▼ + stars: | 2023-03-19 | by ( Khalid Abdelaziz | ) www.reuters.com time to read: +7 min

General Mohamed Hamdan Dagalo commands tens of thousands of fighters in the paramilitary Rapid Support Forces (RSF) and has amassed considerable mineral wealth. He is also deputy leader of Sudan's ruling council, which took power in a coup more than a year ago. Hemedti and other military men are unlikely to be able to stand for election in the short term. The main signatories to the outline agreement are Burhan's military and Hemedti's RSF on one side and the civilian Forces for Freedom and Change (FFC) coalition on the other. Any final transition agreement would likely bar Hemedti and Burhan from standing in the first post-deal elections, one international diplomat said.

☆ 8 million Chinese youths sat for a test in the style of an 'imperial examination' — all for a job that pays about $7,000 a year
▼ + stars: | 2023-03-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +6 min

A record 7.7 million Chinese youths sat for an intense test to try to secure one of 200,000 government jobs. The modern-day civil service tests are not far off the mark from their ancient iterations. In spite of the tough tests required to secure these jobs, civil service jobs are not high paying. "In general, civil service jobs could bring with them benefits for the whole family, like connections to positions of power," Wu said. For those who want to be active participants in the workforce, civil service jobs continue to be a solid option.

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