Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
U.S. stock index futures point to a higher open on Monday morning as the White House sought to calm investors over growing concerns about the U.S. economy.US Marketsread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Baidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
"Cryptocurrencies have a big future," Bannon told CNBC on Friday. "They could be a very important part going forward, particularly in this global populist revolt."
As an owner of bitcoin, Bannon said he had "enough foresight, enough courage to buy as it went all the way down."
Bannon has generally towed the Trump line on hot-button issues since his departure as White House chief strategist in August 2017, not even a year after the presidential inauguration.
Last month, after Facebook's June announcement of its Libra digital currency effort, Trump tweeted, "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air." He added, "Unregulated Crypto Assets can facilitate unlawful behavior."
Bannon said that governments, central banks and the banking industry want to "stay with fiat currency" so it's no surprise that they "get in there and regulate crypto." Fiat currency is legal money backed by governments.
Unlike the decentralized nature of bitcoin, Libra will be pegged to a basket of government-backed money.
As part of his July cryptocurrency diatribe — and ahead of contentious Libra hearings on Capitol Hill — Trump said Facebook's Libra "will have little standing or dependability," adding that if the social media giant wants to become a bank it should seek a banking charter.
Bannon sees Libra a bit differently, acting in practice as more of a competitor to mobile payment systems that already exist than traditional cryptos like bitcoin. The Facebook effort is "principally against" some of the major Chinese companies offering their own payment systems such as Alipay that was created by Alibaba and WeChat Pay from Tencent.
"I think what people need to confront now and people start looking at, is how the Chinese and Third World countries in sub-Saharan Africa, in South Asia and I think potentially in South America, are starting to put these payment systems in that are going to kind of give them, try to give them, global dominance and be able to get off the reserve currency of the dollar," Bannon said.