On Jan. 1, Latvia will adopt the euro, and its lats currency will be no more. Farewell to the bearded Krisjanis Barons, the collector of folk songs who graces the 100-latu note. The Baltic nation is shucking a piece of its heritage because its leaders predict joining Europe’s common currency zone will lead to more trade and prosperity.
The biggest risk to equity markets and the economy in 2014 is dysfunction in Washington, following the strongest year in American stocks in a decade, according to CBOE Holdings Inc.’s William Brodsky and Ariel Investments LLC’s Mellody Hobson.
Peter Schiff lays an iPod-sized bar valued at about $40,000 on the sun room floor of his Connecticut mansion, and calculates it would cost about $250,000 for each floor tile to pave the room with gold.
President Barack Obama ’s chief economist said Wall Street has largely recovered from the 2008 crisis and will be strengthened by the White House-backed regulatory overhaul that Congress passed this year.
At this point, Larry Summers isn’t just the favorite for Federal Reserve chairman. He’s the overwhelming favorite. Unless something truly unexpected shows up in the vetting process (a paid toast at Bashar al-Assad’s birthday party, for example) or the administration comes to believe Senate Democrats will revolt against a Summers nomination, he’s going to get the job.
Austan Goolsbee , chairman of the White House Council of Economic Advisers, in an interview on Bloomberg Television’s “Political Capital with Al Hunt ,” airing this weekend, said he is confident that the administration and Congress will reach a deal to raise the federal debt limit and that markets are confident that the U.S. won’t default.
Janet Yellen as Federal Reserve vice chairman has spent time building relationships across the Fed’s regional banks and with central bankers from Shanghai to London to Mexico City -- everywhere except the corridors of power in Washington.