With the value of Venezuela’s largest banknotes reduced to a few U.S. cents by triple-digit inflation and the currency’s collapse on the black market, the country’s central bank said it will begin circulating higher-denomination notes this month.

New denominations including bills of 500, 1,000, 2,000, 5,000, 10,000 and 20,000 bolivars will start appearing at banks from Dec. 15, according to a Central Bank statement, adding that coins of 10, 50, and 100 bolivars would also be released. Bloomberg News first reported the plans for larger bills on November 30.

Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – Venezuela to Issue Bigger Bills This Month as Currency Plunges

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When George W. Bush assembled his first Cabinet in 2001, news reports dubbed them a team of millionaires, and government watchdogs questioned whether they were out of touch with most Americans’ problems. Combined, that group had an inflation-adjusted net worth of about $250 million — which is roughly one-tenth the wealth of Donald Trump’s nominee for commerce secretary alone.

Read the Full Article: Source – The Washington Post
Time For Truth: (The Washington Post) – Donald Trump is assembling the richest administration in modern American history

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U.S. consumer prices recorded their biggest increase in six months in October on rising gasoline costs and rents, suggesting a pickup in inflation that

potentially clears the way for the Federal Reserve to raise interest rates in December.

Read the Full Article: Source – Reuters
Time For Truth: (Reuters) – U.S. consumer prices post largest gain in six months

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Short-term gain for long-term pain?

That’s the view of economists at Goldman Sachs Group Inc., who argue that while some of President-elect Donald Trump’s proposals could boost U.S. economic growth in the near future, his other policies would offset those positive impacts over the long-run.

Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – Goldman Sees the Possibility of Stagflation Under Trump Presidency

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Research has documented that central banks around the world have been better able to control inflation if they enjoy independence from elected officials. The election of Donald Trump seems like a good time to remind ourselves that, historically, the executive branch has presented the greatest threat to the independence of the U.S. Federal Reserve.

Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – How Trump Could Spell Trouble for the Fed

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