Money, Wealth & Power—A Daily Look at the Financial World
Bitcoin’s latest plunge has ripped through the mining industry so violently that operators are literally powering down machines that only months ago were printing money. With the coin trading far below its recent peak and mining economics collapsing to record lows, the sector that secures the network is suddenly confronting a brutal test of who…
Artificial intelligence was supposed to be the lubricant of a new financial era, speeding credit decisions and powering an unprecedented investment boom. Instead, it is exposing a fragile web of off‑balance‑sheet lenders whose bets on the AI gold rush are starting to look dangerously pro‑cyclical. As billions in paper value evaporate from these “shadow banks”,…
In a matter of hours, a shouted insult on a factory floor turned a little-known Ford line worker into the focus of a national political storm and a crowdfunding windfall. TJ Sabula’s clash with President Trump at a Michigan plant cost him his paycheck, at least temporarily, but it also sent GoFundMe donations soaring toward…
Russia’s oil and gas takings have slumped to their weakest level since the early pandemic shock of 2020, stripping the Kremlin of the easy money that once underwrote both domestic spending and the war in Ukraine. The fall reflects a mix of lower global prices, widening discounts on Russian barrels and the slow grind of…
Jamie Dimon is again sounding alarms about the stock market, warning that a period of brutal turbulence could be ahead for investors who have grown used to rising prices and easy money. His message is blunt: the mix of swelling government debt, sticky inflation, tariff shocks and geopolitical risk is unlike anything he has seen…
U.S. stocks are losing altitude again as investors confront a painful combination of tech-sector weakness and fresh signs that the labor market is cooling. The latest slide has pulled the Nasdaq and S&P 500 off recent highs even as the Dow clings to gains, underscoring how uneven this market has become. I see a tug…
Several Democratic-led states are moving aggressively to raise taxes on their wealthiest residents, betting that high earners will stay put and that new revenue can help close yawning budget gaps and fund ambitious social programs. At the same time, one state that already pulled the trigger on a millionaire levy is reporting a multibillion-dollar windfall,…
Bitcoin’s latest sell-off has ripped through the crypto market, dragging the world’s largest digital asset to its weakest levels in more than a year and rattling traders who had grown used to relentless gains. The slide has collided with a pivotal moment for U.S. monetary policy, as President Donald Trump’s choice to lead the Federal…
Billionaire Republican donor Ken Griffin has moved from quiet ally to sharp critic, accusing President Donald Trump’s inner circle of treating public power as a vehicle for private gain. His charge of “self-enrichment” lands at a moment when Trump and his family are building a parallel universe of exclusive clubs and investment vehicles that blur…
Bond traders are rushing to position for a sharper gap between short and long term interest rates as the prospect of a Kevin Warsh led Federal Reserve collides with a sudden jump in Treasury yields. A powerful move in longer dated debt, triggered by stronger manufacturing data and a leadership shakeup at the central bank,…