Diesel Hits $6, Canada's 'Unacceptable' Imbalance, Homebuyer Bailouts and More: This Week in Economy
As the week comes to a close, let’s take a look at the top economic stories that emerged over the past few days.
Marjorie Taylor Greene Reacts To Diesel’s Record $6 A Gallon: ‘Unreal’
Former Rep. Marjorie Taylor Greene (R-Ga.) expressed disbelief as diesel prices soared to over $6 a gallon, a historic first in the U.S. This surge is attributed to ongoing conflicts in Iran and between Russia and Ukraine.
Greene, speaking on X, noted that the price of diesel, which powers most of the country’s transportation and machinery, impacts the cost of groceries and other goods.
Read the full article here.
Peter Schiff Warns Trump’s $5,000 Voter ‘Bribe’ Could Trigger ‘Massive Inflation’ Worse Than Under Biden
Economist Peter Schiff criticized President Donald Trump‘s promise of a $5,000 payout to adult voters, warning it could cause a significant inflation spike. Schiff referred to the proposed payout as a "bribe," that requires domestic spending and would force the Federal Reserve to print money.
He warned that it would result in "massive inflation," even exceeding anything seen under former President Joe Biden.
Read the full article here.
Trump Calls Canada’s Currency ‘Imbalance’ Unacceptable Amid Escalating Tariff Fight With Carney
Trump criticized the exchange rate imbalance between the U.S. and Canadian dollar, calling it "unacceptable," just before a new round of Canadian tariffs on American goods took effect.
"Canada’s (currency) Dollar imbalance with the U.S. is unacceptable," Trump said in a post on Truth Social. "It has been that way for years, but no longer!"
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Buyers Are Bailing On Home Deals At The Highest Rate In Nearly 3 Years — Here’s Why
U.S. homebuyers are walking away from deals at the highest rate in nearly three years, with cancellations reaching 14% in July. Market commentator The Kobeissi Letter noted that this is the highest rate since November 2023.
The national cancellation rate has remained between 13% and 14% for the past four years, well above the levels seen during the 2020-2022 seller’s market.
Read the full article here.
Ray Dalio Warns AI Stock Bubble Mirrors 1920S Crash: Miracle Vs Investment
Billionaire investor Ray Dalio said that the current artificial intelligence boom follows the same historical pattern as past technology bubbles, arguing that "we are now in a bubble" while cautioning that the underlying innovation remains genuinely transformative.
He pointed to the late 1920s, when electricity, refrigeration, telephones, radio, airplanes, and cars all emerged around the same time, saying that kind of moment naturally draws investors in.
Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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