As the weekend wraps up, we take a look back at the major stories that shaped the week. From Elon Musk’s Cybertruck adventures to the potential shock to the global fiat money system, the week was filled with significant developments. Let’s dive into the details.
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Elon Musk Takes Tesla Cybertruck for a Spin in Austin: Tesla Inc (NASDAQ:TSLA) CEO Elon Musk took the Cybertruck for a spin around Austin, sharing a photo of the vehicle on Twitter. Musk’s enthusiasm for the Cybertruck has been evident, with the CEO stating that the vehicle is “better than expectations” and will be his daily driver. The delivery event for the vehicle is expected to be held later this year. Read the full article here.
BRICS Gold-Backed Common Currency Could Shock Global Fiat Money System: The BRICS countries, consisting of Brazil, Russia, India, China, and South Africa, are set to introduce a new currency backed by gold. This move could potentially shock the global fiat money system, according to economist Thorsten Polleit. The official announcement is expected to be made at the bloc’s summit in Johannesburg, South Africa, in August. Read the full article here.
Jamie Raskin Opts for Re-election Over Senate Seat: Representative Jamie Raskin (D-MD) announced that he will not be running for the open Senate seat of outgoing Senator Ben Cardin (D-MD) in 2024. Instead, Raskin will run for re-election, stating his belief that this is the best way for him to make a significant difference in American politics. Raskin also expressed his commitment to stopping former President Donald Trump and his followers. Read the full article here.
Recession Not Completely Off the Table, Says Janet Yellen: U.S. Treasury Secretary Janet Yellen stated that despite a healthy economy, a recession is still “not completely off the table.” Yellen expressed hope that there is a path to bring down inflation in the context of a healthy labor market. Read the full article here.
Bitcoin Faces a True Test, Warns Crypto Analyst Mike McGlone: Bloomberg's macro strategist Mike McGlone warned that Bitcoin (CRYPTO: BTC) will likely face a significant test in the second half of 2023. McGlone predicts that the stock market will start to decline, and Bitcoin will have a chance to prove itself as a store of value or “digital gold” by not dipping alongside equities. Read the full article here.
What Else: President Joe Biden addressed the question of whether Ukraine will be let into the North Atlantic Treaty Organization (NATO), stating that there is no consensus on the matter. Twitter faces difficulties proving that Meta Platform Inc (NASDAQ:META) stole trade secrets for the creation of the social media app Threads. Lastly, a recent report paints a grim picture of the final moments before the implosion of OceanGate’s “Titan” submersible.
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