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May 16 (Reuters) - Moody's on Friday downgraded the credit rating of the United States by a notch to "Aa1" from "Aaa", citing rising debt and interest "that are significantly higher than similarly rated sovereigns". "Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs," Moody's said in a statement.

Key Points Stellantis is pausing production at two assembly plants in Canada and Mexico as the company attempts to navigate President Donald Trump’s new round of 25% automotive tariffs. The actions will result in roughly 900 U.S.-represented employees at supporting plants getting temporarily laid off in addition to roughly 4,500 hourly workers at the Canadian plant. ****************************************************************************

On March 17, US President Donald Trump’s senior advisor Elon Musk claimed that there are “Magic Money Computers” operational at several government departments that can “make money out of thin air.” Musk made the remark while speaking to Sen. Ted Cruz (R-TX) during the "Verdict" podcast.Well-known for his dynamic ventures such as Tesla, SpaceX, and X (formerly Twitter), Musk was appointed by Trump as the de-facto head of the Department of Government Efficiency (DOGE). The department has been focused on slashing government expenditure for several programs.In the conversation with Cruz, Musk claimed that the DOGE team has discovered 14 “Magic...

Illinois had some rare, good news yesterday.Stellantis, the Big 3 auto maker, announced it will be investing $1.2 billion in its Belvidere assembly plant and bringing back about 1,500 jobs there.You’ll never know who really got it done if you listen to Illinois’ leadership.It was a “dramatic turnabout,” as the Detroit Free Press put it.As you may remember, Gov. JB Pritzker announced to much fanfare in October 2023 that the Stellantis facility in Belvidere, idled with layoffs just before the previous Christmas, would be reopened. But no deal was ever signed and, last year, Stellantis indefinitely postponed any Belividere expansion,...

DETROIT (Michigan News Source) – Automaker Stellantis is recalling more than 211,000 SUVs and pickup trucks due to a software issue with the braking systems. The recall affects 2022 models of the Dodge Durango and Ram 2500 and 3500 trucks. The Ram 2500 is the model with by far the most vehicles impacted. Nearly 158,000 of the 2500 pickups will be recalled, while just over 500 Ram 3500s are affected. Around 53,000 Durangos will be recalled. According to the National Highway Traffic Safety Administration, many of these vehicles have a problem with the anti-lock braking control module, which could potentially...

Jared Bernstein is perhaps the most influential "economist" in the United States. I put economist in quotes, despite his being an academic who has taught the subject and has advised Congress and the highest elected officials in America. I do so because he is a moron. He is such a moron that Paul Krugman himself admires him for his economic insights. He is that bad. ... This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy. Jared Bernstein is literally the Chair of the Council of Economic Advisers,...

[…]Central Bank Digital Currencies (CBDC), tie the financial freedom of citizens to the government and the banking establishment. The central bank issues its centralized digital currencies, and essentially creates a new monetary system, "fiat on steroids", a system that takes everything that is bad in the fiat system, and adds more of it; surveillance, control, censorship, and enforcement capabilities. A modern prison? Indeed, the CBDC is the ultimate prototype of a prison without physical chains. By connecting CBDCs to digital identity cards, and to government systems such as universal basic income, social credits and more, we get the ultimate control...

The gas-powered Dodge Charger isn't dead yet. While the V-8 may be gone, Dodge will continue to offer the Charger will an internal combustion engine alongside the two new electric variants revealed today. At the top of the internal combustion food chain sits the Dodge Charger Sixpack H.O. It's powered by Stellantis's 3.0-liter twin-turbo Hurricane straight-six engine, rated at 550 horsepower. There's also a Sixpack S.O. version rated at 420 horsepower. "The Hurricane engine-powered Dodge Charger Sixpack models will give the Brotherhood of Muscle a gas option that produces better horsepower and torque numbers than the outgoing 5.7 and 6.4-liter...

I was asked a lot of questions by people on FR about what BTC is or ways to learn more about it. I have provided the Source URL above for such a video. Michael Sailor gave slide briefing that essentially started out covering the tope of Money over the past and into the future. Fiat Currencies of the US have depriciated by 7% per year for the past 100 years. 100 years from now a million dollars in a safe will have a purchasing power of only $977, if you put it in the S&P 500, it would still be...

“Ohio-based coin shop owner took to social media this week to inform the world that his regional bank, where he has been a customer in good standing for many years, shut down all six of his business and personal bank accounts…”

A Texas judge ruled Friday the state’s abortion ban has proven too restrictive for women with serious pregnancy complications and must allow exceptions without doctors fearing the threat of criminal charges. The ruling is the first to undercut Texas’ law since it took effect in 2022 and delivers a major victory to abortion rights supporters, who see the case as a potential blueprint to weaken restrictions elsewhere that Republican-led states have rushed to implement. *** “This is exactly why we did this. This is why we put ourselves through the pain and the trauma over and over again to share...

he governments of Brazil and Argentina will announce next week preparations to launch a common currency project that could turn the two countries, South America's two largest economies, into the world's second largest currency bloc. The initial intention is that this new currency -- whose name, Brazil proposes, will be "the South" -- will boost regional trade and reduce the impact of the dollar. In principle, both countries envisage a period of simultaneous trade with the Brazilian real and the Argentine peso. "We will announce the decision to start studying the necessary parameters for a common currency, which includes everything...

Total new vehicle sales in September dropped to 1.01 million vehicles, down 37% from 1.6 million vehicles in March, when there were still enough new vehicles to sell. The industry-standard Seasonally Adjusted Annual Rate (SAAR) of sales – which adjusts for the number of selling days per month and for seasonal factors, and converts the monthly sales into what sales would be for an entire year – plunged for the fifth month in a row, by 29% year-over-year, to 12.2 million units SAAR, the lowest, outside of the two lockdown months, since June 2011 ,according to data from the Bureau...

President Biden's top national security and economic advisers are trying to address a critical supply crunch that is slowing U.S. automobile manufacturing and threatens other sectors, including national security, according to experts. National security adviser Jake Sullivan, National Economic Council director Brian Deese, and Commerce Secretary Gina Raimodo will meet with executives from 19 companies to discuss growing shortage of semiconductors, a key component of many computerized electronics. The shortage touches nearly every industry, but U.S. auto makers have been especially hit hard. General Motors, Ford and Stellantis (formed by a merger involving Fiat Chrysler) have all temporarily closed down...

The carmaker is implementing an “asset-light” strategy in the country because of concerns that rising political tensions could lead to sanctions in a conflict between China and the rest of the world... The CEO’s candid comments offer an explanation for Stellantis’s announcement last week it’s leaving a 12-year manufacturing partnership with state-owned Guangzhou Automobile Group. The exit raises uncomfortable questions about what the future may hold for foreign manufacturers in China. The war in Ukraine has disrupted supply chains in Europe, and the lengthening list of sanctions targeting Russia is a grim reminder of what could happen if China were...

Stellantis is closing its assembly plant in Belvidere, Illinois, in February 2023. The Illinois plant employs about 1,350 workers, who are expected to be laid off. Stellantis cited the rising costs of electric vehicle production for the closure. The company said the replacement of the Jeep Cherokee SUV, along with other vehicles on a new electrified platform, will be produced in Toluca, Mexico. Stellantis has said it will invest over $31.6 billion through 2025 on electrifying its vehicle lineup. It also has said it expects EVs to make up 100 percent of its sales in Europe and 50 percent in...

Multinational automaker Stellantis is indefinitely closing an assembly plant in Illinois in February and laying off hundreds of workers, in large part due to the high cost of making electric vehicles. Stellantis noted in a statement emailed to FOX Business on Friday that the industry had been adversely affected by factors including the ongoing COVID-19 pandemic, the global microchip shortage and the increasing cost related to the electrification of the automotive market, which it said was the most impactful. There are about 1,350 workers at the Belvedere plant, which produces the Jeep Cherokee. Stellantis reportedly told The Associated Press that...

Multinational automaker Stellantis, which formed last year in a merger between Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, is shuttering a plant in Illinois that produces the Jeep Cherokee. The company dropped a statement for local media: Our industry has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market. Stellantis has taken a number of actions to stabilize production and improve efficiency at its North American facilities to preserve affordability and...

DETROIT – Stellantis said Friday that it plans to indefinitely idle a Jeep plant in Illinois, starting early next year, to cut costs as it invests in electric vehicles. The transatlantic automaker, formerly known as Fiat Chrysler, said the plant will cease production as of Feb. 28. The more than 1,200 workers at the facility, which produces Jeep Cherokee SUVs, will be placed on indefinite layoffs, the company said. “Our industry has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related...

Almost 20,000 2017-18 models are being recalled following several fires. Chrysler's parent company, Stellantis, is recalling 19,808 Pacifica Hybrid minivans due to a potential fire risk. Only 2017-18 models are affected, with the recall coming after an internal investigation found 12 fires occurred with Pacifica Hybrids in those model years. All of those 12 fires happened when the vehicles were parked and turned off, with 8 of them charging as well. Fortunately Stellantis is not aware of any injuries or accidents as a result of the fires, but they are urging all owners not to charge their Pacificas and to...