Latest news with #Lachman
Time of India
15-07-2025
- Business
- Time of India
America's debt time bomb: Markets could crash before 2026 midterm elections, says ex-IMF official!
The United States may be in line for a severe financial reckoning before the 2026 midterm elections. Desmond Lachman , a former deputy director at the International Monetary Fund, warned that the world is losing trust in the US dollar, and the United States could suffer a financial crisis next year, as reported by Fortune. Why is market trust in the US fading? In a new opinion piece for Project Syndicate, Lachman describes how a mix of rising debt, political turmoil, and declining confidence in US institutions are spooking markets and driving the dollar to record lows, as per the report. In Lachman's view, even before the start of US president Donald Trump's second term, the fiscal health of the nation was already beginning to show the pressure, according to Fortune. But matters have taken a very rapid turn as the sweeping new tax cuts recently signed into law are set to pile trillions onto the national deficit, as per the Fortune report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo ALSO READ: Bitcoin hits $121,000 - Rich Dad Poor Dad author Robert Kiyosaki urges newcomers: Reflect before it's too late What's driving concerns about a crisis? At the same time, Trump's hard-hitting tariffs and repeated pressure on the Federal Reserve to cut interest rates are fuelling inflationary fears and further rattling world confidence in the US economy, according to the report. He also pointed out that, 'Add to that Trump's apparent disregard for the rule of law, and markets see little reason to trust the US,' as quoted in the Fortune report. Live Events How is the US dollar performing? According to him, this could be the reason that the US dollar fell 10% against other top global currencies in the first half of the year, marking the greenback's worst such performance since 1953, as reported by Fortune. ALSO READ: Air taxi revolution? Joby Aviation doubles output, investors react fast, stock skyrockets 7% What's gold telling us about investor confidence? Lachman pointed out that gold increasing 25% this year is another sign of collapsing market confidence in the United States, as are Treasury yields remaining elevated despite market turbulence, according to the report. Can Donald Trump pressure markets like he does politicians? He said that, 'The problem for Trump is that, unlike politicians, markets cannot be pressured or primaried,' while referring to the threat of ousting disobedient lawmakers via primary elections, as reported by Fortune. Lachman added that, 'If he refuses to heed investors' warnings, as seems likely, the US should brace for a dollar and bond-market crisis in the run-up to next year's midterm elections. The days of the world letting America live beyond its means are rapidly coming to an end,' as quoted in the report. Are others echoing these concerns? While the fixed income portfolio manager at Capital Group, John Queen, recently wrote in a client note that, 'Many people have predicted that catastrophe is right around the corner and, someday, one of them is going to be right,' as quoted by Fortune. Queen added that, 'Unfortunately, they are just guessing, so I am not going to predict that. I am instead going to say that I think the market is good at pricing in those concerns,' as quoted in the report. FAQs Is the US heading toward a financial crisis? It's possible, according to former IMF official Desmond Lachman, especially if current economic trends continue unchecked. Why is the US dollar losing value? Lachman says it's due to rising debt, inflation fears, and eroding trust in political and financial leadership, as per the Fortune report.
Los Angeles Times
09-07-2025
- Los Angeles Times
Illegal fireworks at the hands of teen caused Rancho fire, invesitgators believe. Could embers reignite as temps rise?
Good morning. It's Wednesday, July 9. I'm Carol Cormaci, bringing you this week's TimesOC newsletter with a look at some of the latest local news and events from around the county. It's hard to believe since the images are still so clear in my mind, but it's been six months since January's devastating wildfires in Los Angeles County that took the lives of 30 people. Investigations continue into exact causes of both the Palisades and Eaton fires, but in the case of the former there was reportedly some evidence it may have been caused when a New Year's Eve fire dubbed the Lachman fire, possibly started by fireworks and thought to have been extinguished, was rekindled during the fierce winds that blasted through the Southland the first week of 2025. So it's not stretch to imagine today how Laguna Beach residents might be eyeing somewhat nervously the brush-covered terrain on their hillsides where a blaze dubbed the Rancho fire broke out just after 2 p.m. Monday near Rancho Laguna Road and Morningside Drive. Evacuation orders were swiftly issued along La Mirada Street, Katella Street, Summit Drive and Baja Street. Arch Beach Heights also received an evacuation warning. By nightfall, fire officials believed the blaze was well enough under control that those orders had been lifted. Our photographer, Don Leach, who was dispatched to document the fire with photos for our paper, told me in one of our phone calls Monday that it looked to him as though firefighters were doing a great job keeping the fire from getting out of hand. He spoke with some awe in his voice of the amount of fire retardant that was being dropped from Cal Fire planes. The Rancho fire grew to over 4 acres and, as of yesterday morning, was at 50% containment. The cause? A youth allegedly started it by using illegal fireworks. 'Laguna Beach police detectives took a 13-year-old boy into custody on suspicion of committing felony reckless burning of forest land,' the Daily Pilot reported. 'Video evidence was obtained showing an individual igniting a firework and fleeing the scene, police said.' Because there were no injuries and no immediate threat to structures, Orange County Juvenile Hall didn't accept the 13-year-old and he was released to the custody of his parents. Temps are expected to reach into the low 80s today and tomorrow in Laguna Beach, which could further dry vegetation on those picturesque hillsides and increase fire danger outside of the acreage already scorched by Monday's conflagration. But, provided the Rancho fire is completely extinguished soon and unexpected gusts of wind do not stir any hidden, lingering embers, Laguna Beach, which has been proactive in its fire mitigation plans may escape almost entirely unharmed this time around. If only Pacific Palisades could have been so lucky. • Heidi Plummer, vice president of the Orange County Women Lawyers Assn. and co-founder of the Newport Beach Bock & Plummer firm, is the woman I mentioned in an earlier newsletter who said she was walking in a park June 14 to clear her head following the funeral of a loved one when she was swept up in an ICE raid. My colleague Gabriel San Román interviewed Plummer and her attorney, Jesse Rivera, for this story published Sunday in the Daily Pilot/TimesOC. Rivera's description of the incident: 'Plummer, while peaceably walking in Centennial Park, was stopped, detained, handcuffed, arrested and transported to a federal facility in Santa Ana by individuals dressed in black military fatigues with the identification of ICE on their clothing. The vehicles were unmarked.' An ICE spokesperson, who asked not to be identified, told San Román via email that 'there is no record backing her claims.' • ICE activities may have been the reason behind a 25% dip in attendance this year at the annual Fish Fry held in Costa Mesa's Lions Park the last weekend in June. 'ICE was two blocks away at 19th and Newport, and we didn't know what they were gearing up for, but we were on the lookout,' Costa Mesa-Newport Harbor Lions President Cabot Harvey told the Daily Pilot. 'I spoke to several Latino families who told me the same thing — people were just too afraid to come.' • Area residents who want to preserve the Newport Beach Golf Course as is rather than allow a developer to go forward with a proposed surf lagoon project in the middle of it got together last Thursday for a rally. Benny Hallock, the chairman of the group Save Newport Beach Golf Course, told the Daily Pilot thousands of signatures have been collected in support of saving the popular 18-hole, 59-par executive course at 3100 Irvine Ave. But the Snug Harbor Surf Park project is continues to work its way through the approval stages, with public hearings expected in August and September. • Following up on a tip from a concerned member of the public, officers with Orange County Animal Control rescued at least 120 cats from a residence in the 2600 block of Balfour Avenue in Fullerton, according to this City News Service report. An Animal Control spokesperson said the cats didn't appear to have been mistreated, but that there were just too many of them in the home. Several were ill with some form of a contagious disease and will be treated, then put up for adoption. • Hundreds of people spending their Fourth of July holiday at Orange County beaches had to be rescued by lifeguards after they were caught up in monster rip currents. At Newport Beach, the tally of rescues hit 350 people Friday; at Huntington Beach the number reported the same day was pegged at 152. • Charges were pending as of Monday against a Buena Park homeowner who allegedly operated an illegal Fourth of July fireworks display that misfired at 9:45 p.m. Friday, fatally injuring 8-year-old Jasmine Nguyen of Anaheim, City News Service reported. • In the run-up to Independence Day, Costa Mesa police ran an operation that led to three arrests and the seizure of 1,339 pounds of illegal fireworks, drugs and a gun, the Daily Pilot reported. Suspects involved in the busts were detained for attempting to sell illegal fireworks online to officers who posed as customers and met the would-be sellers at locations around town. • A 21-year-old man from Orange, Nathan Ethan Avina, was arrested Sunday morning after he allegedly fatally struck a pedestrian at the intersection of Atlanta Avenue and Delaware Street in Huntington Beach at about 12:45 am. Sunday. Due to suspected impairment, police arrested Avina at the scene. • Brian Campbell, who was born in Newport Beach and grew up in Irvine, earned his second PGA Tour victory and just over $1.5 million Sunday in a sudden-death playoff at the John Deere Classic in Silvis, Ill. This week the 32-year-old is in Scotland, where the Genesis Scottish Open takes place tomorrow through Monday. • Benjamin Royer, a reporting intern for The Times, dives into a look at how well Angels interim manager Ray Montgomery is faring just three weeks into his current role. In his story, Royer also examines the managerial strategies of Montgomery, as compared to those of Ron Washington, who is out on medical leave from the top job. • One-time Angel Bobby Jenks, a two-time All-Star closer and World Series champion with the Chicago White Sox, died Friday in Portugal, where he was treated for a form of stomach cancer, the team announced Saturday. He was 44. • Seal Beach resident Pat Pattison recently learned one of the 30-minute episodes of his local TV show, 'Pat Pattison's Best of California,' has been nominated for a regional Emmy award. The show airs on Sunday mornings at 7:30 a.m. on MeTV station KAZA-TV Los Angeles. The nominated episode is 'Our World War II: California, Part 1,' which aired last November, according to this Daily Pilot feature story. • Fans of adult romance novels have a new Orange County bookstore that caters especially to them, the Daily Pilot reports, as Mystic Box Bookshop opened in downtown Huntington Beach on June 14. The business is operated by Kate Benito and her husband, Phil, who first established an online presence offering a bimonthly subscription service, where two hardcover books advertised as dark, mafia or forbidden are mailed out to subscribers. Their brick-and-mortar location is at 221 Main St., Huntington Beach and is open Tuesday through Friday from 11 a.m. to 8 p.m., and Saturdays and Sundays from 10 a.m. to 9 p.m. • The Times reports Disneyland's Haunted Mansion will temporarily close beginning Aug. 11 so the ride can undergo its annual transformation into Haunted Mansion Holiday in time for the Halloween season, a makeover inspired by 'The Nightmare Before Christmas.' • The Anaheim Packing District is hosting its annual World Taste event featuring food samples from about 20 different vendors on from 5 to 9 p.m. on Wednesday, July 16. Anaheim Packing District at 440 S. Anaheim Blvd. For tickets and additional info, visit • Jazz saxophonist Eric Marienthal presents the Eric Marienthal and Friends concert to benefit the High Hopes Head Injury Program at 6 p.m. this Sunday, July 13. This year's featured guest is Boney James and the event will be held at the Hyatt Regency Newport Beach, 1107 Jamboree Road. VIP tickets are $175; general tickets are $75 and can be purchased here. • For the whole family: Phantom Projects Theatre will present its second annual summer all-youth musical, Seussical, Jr., from July 11 to 27. The production, featuring nearly 70 students between the ages of 8 and 18 from Los Angeles and Orange counties, is offered to the participating kids without charging any fees, tuition, or costume charges. Tickets to the musical can be purchased by calling (714) 690-2900 or visiting the Phantom Projects Theatre website. Until next week,Carol We appreciate your help in making this the best newsletter it can be. Please send news tips, your memory of life in O.C. (photos welcome!) or comments to
Business Insider
14-06-2025
- Business
- Business Insider
Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns
Like a protagonist in a Greek tragedy, President Donald Trump is exhibiting a concerning level of hubris in his handling of the US economy, former IMF official Desmond Lachman worries. Despite warnings from credible sources — like Fed Chair Jerome Powell, JPMorgan CEO Jamie Dimon, and BlackRock CEO Larry Fink — about what tariffs would mean for inflation and growth, and what his tax cut bill would mean for bond yields and the US dollar, Trump is doubling down on these policies, Lachman said in a June 10 post for the American Enterprise Institute, where he is a senior fellow. Unless Trump changes course, Lachman said, he could end up reigniting inflation, pushing up long-term bond yields, further tanking the US dollar, and sending the US economy into recession. "To Trump, these warnings are like water off a duck's back. Instead of dialing back his tariff policy, Trump has recently raised the import tariff on all aluminum and steel imports to a staggering 50%," Lachman wrote. He continued: "At the same time, instead of coming up with belt-tightening revenue and spending measures to address the country's gaping budget deficit of 6.25% of GDP, Trump is making every effort to secure the passage of his budget-busting One Big Beautiful Bill." So far, inflation has been tame and the labor market has held up as businesses have started to digest tariffs. But Lachman said the US economy is not out of the woods yet. Since businesses stockpiled inventory to prepare for Trump's tariffs, their effects won't start to show up until the second half of the year, he told Business Insider on Friday. "The fact that you're not seeing it in the May, June, July data, it doesn't mean anything," Lachman said. Here's the US trade deficit showing a surge in foreign goods buying from US businesses in late 2024 and early 2025. But tariffs aren't the only inflationary factor potentially at play. Lachman said that if you add the implications of Trump's tax bill on the value of the US dollar as the the national debt and budget deficit grow, consumers could end up paying even higher prices. With the dollar's value down 10%, for example, it means foreign goods are more expensive in addition to the 10% tariffs, or more, already being paid. In an inflationary environment — and with no indication that the US government is looking to reduce its debt and budget deficit — foreign investors have started to flee, and could continue to do so. That could send long-term Treasury rates soaring, Lachman said, slowing the US economy as the cost of lending follows suit. All of this puts US stocks in danger with valuations elevated, Lachman said. For example, here's the Shiller cyclically-adjusted price-to-earnings ratio for the S&P 500, which measures current stock prices against a rolling average of earnings over the last 10 years. "Start with the fact that the stock market has got very high valuations, and then overlay that with the likelihood that you could have either a bond or a dollar crisis, and it would seem to me that stocks don't do very well," he said. The myth probably most associated with hubris and its sometimes disastrous consequences is the tale of Icarus. Looking to escape from a labyrinth, his father builds him wings made of wax. Icarus succeeds in getting off the ground, but in the end ignores his father's warnings and flies too close to the sun, melting his wings. Trump having imposed steep universal tariffs without sparking inflation or a recession has so far defied conventional wisdom and warnings from top economists. But with Trump's tax bill on the way, will his wings, along with the US economy and stock market, soon start to melt?
Global News
28-05-2025
- Sport
- Global News
Long road to recovery for Winnipeg Blue Bombers' Cam Lawson
It's been a long road back to full health for Winnipeg Blue Bombers defensive tackle Cam Lawson. Lawson finally joined the rest of his teammates in training camp this week after being off the field for a full calendar year. Lawson tore the anterior cruciate ligament in his knee in the pre-season a year ago and missed the entire 2024 campaign. As a result, he's just thrilled to be practicing again after last playing a game in November of 2023. 'It's euphoric,' Lawson told reporters after Tuesday's practice. 'Getting to hit people, playing football, playing the game you love, especially after a long and arduous like rehab process. It's great to be back. 'I'm coming to play ball and I'm bigger than I was in 2023 and just as fast, just as strong, and so I'm ready to make some plays and get back out there.' Story continues below advertisement Lawson called the year-long rehab process the toughest thing he's had to go through, both in his career and in life. But he initially thought the injury wasn't very serious. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'I came off and my leg felt like a little unstable, like a little weird,' said Lawson. 'So, I was like, oh, I'll get it checked out at half. Went inside and the doctor is like, yeah, we'll do the Lachman test. So he checked my knee out and he's like, you don't have an ACL, and I was like alright. 'Right after I found out, I think I was in the locker room. I called my mom and I was like, that was the hard part. That was probably one of the hardest phone calls I've ever had to make.' Lawson had just started to make a big impact before the injury after recording five sacks and an interception with the blue and gold in 2023. He was given the option to play through the injury but opted for surgery to ensure the long-term stability of his knee. 'They were even considering just like rehabbing for like six weeks and putting a brace on it and play the season.' Lawson said. 'But, obviously that's a little risky, so I decided to go the surgery route.' It was a long road to recovery for the 26-year-old who's now entering his fourth year with the team and fifth in CFL after originally breaking into the league with the Montreal Alouettes. Story continues below advertisement 'I'm almost like 290 (pounds),' he said. 'It was like landing on it early in rehab obviously didn't feel great, but we pushed through it, and you grind through the pain.' Lawson will now be playing with a knee brace. 'He's just dying to play,' said Bombers head coach Mike O'Shea. 'I think the guys are excited for him that he's getting out there. Everybody knows how hard these guys work.' Lawson will likely get his first chance to test out his surgically repaired knee on Friday when the Bombers close out their exhibition schedule against the Saskatchewan Roughriders.
Express Tribune
03-05-2025
- Politics
- Express Tribune
Bilawal gives titles of houses to flood victims
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari on Friday visited several villages in Kot Ghulam Muhammad tehsil-Waghreeji Kolhi Para, Ghulam Mustafa Leghari-and the village of Khenbri in Shujaabad tehsil, where he met flood-affected families who were provided new houses under the Sindh People's Housing Scheme. He also distributed property ownership documents to the residents, especially women. Speaking on the occasion, Bilawal congratulated the recipients and said the Sindh government had provided them strong, secure homes so that they would no longer suffer during future floods or heavy rains as they had in the past. Addressing the women present, he said: "We are giving you not just a house, but full ownership rights to the land and property, in your names. No one will be able to take your home or land away from you now." At the house of a flood victim named Lachman, Bilawal sat on a floor mat and chatted with the family's young son, Bhagwana, asking him how he liked his new home. He praised the women of the household for decorating the home beautifully and personally congratulated Lachman and his wife. Bilawal personally handed over the legal ownership documents to the women and reiterated that the homes and the land now legally belonged to them. He expressed delight at seeing how the families had decorated and painted their homes from the inside. "I came here specifically to see how you've rebuilt and beautified your homes. We've constructed many houses already and will continue to do more so that people won't face housing issues in the future," he added. In one home, a woman, overcome with joy, told Bilawal, "We've only ever seen you on TV-now you're in our house. We can't believe it!" Bilawal responded warmly, "You endured difficult days. We promised we'd build you a home, and today I'm here to fulfill that promise." Pointing to the woman's infant son, Dilip, he said, "This house is legally yours now. I hope one day you'll pass it on to your son when he grows up." During the visit, Bilawal interacted informally with residents, admired their homemade decorations, and praised those who had painted their homes themselves. He said, "We're fulfilling the promise of Shaheed Mohtarma Benazir Bhutto-'Roti, Kapra aur Makaan'-and also our commitment to empowering women." Speaking to a large gathering of women in a nearby marquee, Bilawal said his mother was the first woman Prime Minister of Pakistan, and the PPP believes women should have equal economic strength as men. "Before the Sindh People's Housing Programme, only two percent of houses in Sindh were registered in women's names. That's why we're building the world's largest housing scheme-20 lakh homes-where the ownership titles are being issued to women. These assets will not only provide shelter but empower women economically," he said. He thanked the women for their longstanding support of the PPP, adding that it is due to their trust that the party has been able to work for the people of Sindh, especially women's welfare.
