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<ul class="summary-list"><li>Donald Trump commented on the Fed after Wednesday's interest rate cut.</li><li>As a president and a candidate, Trump has continued undermining the Fed's independence.</li></ul>Interest-rate cuts are finally here, and former President Donald Trump isn't happy about it.On Wednesday, the Federal Open Market Committee <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">announced an interest-rate cut of 50 basis points</a>, the first cut Americans have received in over four years. With the pace of inflation slowing and the job market cooling over the past few months, some experts and Democratic lawmakers have been urging Fed Chair Jerome Powell to cut rates sooner rather than later to give Americans relief from high prices.But Trump feels differently — he <a target="_blank" class="" href="https://www.youtube.com/watch?v=ZlvBFsWoXtw">said</a> during a New York campaign stop on Wednesday that the rate cut "shows the economy is very bad to cut it by that much, assuming they're not just playing politics.""The economy would be very bad, or they're playing politics, one or the other," Trump said. "But it was a big cut."He's argued in the past that the Fed would only cut rates close to the election to aid Democrats, which he reiterated leading up to the central bank's announcement."They'll do the rate cut and all the political stuff tomorrow," Trump said during a Tuesday town hall in Michigan, adding that if he wins the presidential election, "we're going to get interest rates down."Notably, the president has no influence over lowering interest rates — the Federal Reserve is politically independent and is supposed to make monetary policy decisions solely based on its dual mandate of keeping inflation low and employment high.That's something Trump wants to change — The Wall Street Journal reported in April that members of Trump's team were <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">creating plans to restructure the Fed</a> and allow Trump to have a say in interest-rate decisions. He later walked those comments back, saying in an August <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-19/trump-defends-fed-criticism-weighs-providing-aid-to-home-buyers">interview</a> with Bloomberg that he doesn't need to be "calling the shot, but it does mean that I should have a right to be able to talk about it like anybody else."Senior advisors to Trump told the Journal that those plans were not finalized.Trump has also previously accused the Fed of being political — he <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">said</a> during a Fox interview in February that Powell is "going to do something to probably help the Democrats, I think, if he lowers interest rates."While Powell has not directly responded to Trump's comments, the Fed chair has repeatedly said that the Federal Reserve is an independent entity that makes decisions solely based on data and is not influenced by politics. "Our job is to support the economy on behalf of the American people, and if we get it right, this will benefit the American people significantly," Powell said during the Wednesday press conference. "It's something we all take very, very seriously. We don't put up any other filters. I think if you start doing that, I don't know where you stop."Trump sought to use his presidential power to appoint members to the Fed board who supported his unorthodox views of the central bank. Judy Shelton, a conservative economist who Trump nominated to the Board of Governors in 2019, had previously written that the Fed was "almost a rogue agency" that couldn't be trusted. Even fellow Republicans balked at her nomination, culminating in a 47-50 failed floor vote exacerbated by GOP absences related to COVID-19."In her past statements, Ms. Shelton has called for the Federal Reserve to be less independent of the political branches and has even questioned the need for a central bank," Sen. Susan Collins, a Maine Republican, said of her at the time. "This is not the right signal to send, particularly in the midst of the pandemic."Shelton was one of a series of Trump loyalists whose nominations ran aground. Former 2012 GOP presidential candidate Herman Cain and conservative commentator Stephen Moore both withdrew their respective nominations in the face of opposition. Trump was able to get former Kanas banking commissioner Michelle Bowman and economist Christopher Waller confirmed to the Fed Board.Trump has flip-flopped his views on his most important appointment to the Fed: Powell."He's strong, he's committed, he's smart," Trump said about Powell in 2017 when he nominated him to lead the Fed.In February, the former president said he would not reappoint Powell to lead the Fed. Earlier this summer, Trump told Bloomberg News that he would let Powell serve out his term. Trump's tepid support of Powell underlines just how mercurial he can be when it comes to the central bank."There are few more important positions than this, believe me, in our Government," Trump said in 2017 with Powell looking on.On that point, Trump hasn't wavered.

The Fed's interest-rate cut put Trump even more at odds with the central bank

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The Delhi government on Tuesday appealed to citizens to not fall prey to misinformation being spread by "notorious elements" who are trying to "take advantage" of the situation arising from the arrest of Chief Minister Arvind <keyword id="19895701" type="General" weightage="20" keywordseo="kejriwal" source="keywords">Kejriwal</keyword>. A statement issued by the <keyword id="20097855" type="General" weightage="20" keywordseo="planning-department" source="keywords">Planning Department</keyword> said "speculations and rumours are being spread by notorious elements with vested interests in Delhi" that welfare schemes and subsidies will be stopped. "Even as the law takes its own course in the process of criminal investigation, it merits clarification that administration of schemes and governance are never specific to individuals and shall continue in normal course, as in the past," it read. Sources in the AAP dispensation said the statement was issued following directions from Kejriwal. All public services, social welfare schemes and subsidies currently given by the Delhi government will continue uninterrupted, it said, asking people not to be misled by "any fear-mongering and malicious disinformation in this regard". "Appeal to all citizens of Delhi to stay away from any rumour mongers, who would try to take advantage of situation arising from the arrest / remand of Hon'ble Chief Minister of Delhi by <keyword id="19895344" type="General" weightage="20" keywordseo="enforcement-directorate" source="keywords">Enforcement Directorate</keyword> on 21 March, 2024, by spreading misinformation," it said. Kejriwal was arrested by the Enforcement Directorate last week in connection with the money laundering case linked to the now-scrapped Delhi excise policy. He is in ED custody till March 28. In the statement, Planning Secretary Niharika Rai said "such rumours create an atmosphere of fear within the general public". "There shall be no disruption of any kind in disbursement of admissible subsidies, pensions, welfare benefits etc. Social welfare schemes are funded with public money through the consolidated fund, backed by budgetary allocations." The statement clarified that social welfare funds are "neither the personal property of any individual or political entity nor funded by an individual or entity's personal money". "There is an architecture of civil services and processes laid down in the National Capital Territory of Delhi, which continues as usual. Hence, these public services, social welfare schemes and subsidies are not at all affected by the arrest/remand of Hon'ble Chief Minister," it stressed.

Don't fall prey to rumours about discontinuation of schemes: Delhi govt to citizens

<ul class="summary-list"><li>Elon Musk endorsed Donald Trump following the assassination attempt against the former president.</li><li>WSJ reported that Musk has plans to donate $45 million a month to a pro-Trump super PAC.</li></ul>During a rally in Michigan on Saturday, <a target="_blank" href="https://www.businessinsider.com/category/donald-trump">Donald Trump</a> had high praise for <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>, calling the <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> CEO a "great" and "brilliant guy."But the former president added that he didn't know about the tech billionaire's reported plan to donate <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donate-45-million-pro-trump-pac-report-2024-7">$45 million a month</a> to a pro-Trump super PAC that will support his campaign. The Wall Street Journal, citing anonymous sources, reported the plan.Musk came out with an <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">endorsement of Trump</a> on July 13, the day of the assassination attempt. Although he has repeatedly shown a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">rightward shift</a> in his politics, the Tesla CEO had been silent on his preferred candidate until recently.Trump praised Musk at the Saturday rally."Elon. I love Elon Musk. Do we love him?" Trump asked a cheering crowd. "I love him."The former president said that "we have to make life good for our smart people" like Musk but added that he didn't know about the large donation plan and only read the report about it."I read — I didn't even know this, he didn't even tell me about it, but he gives me $45 million a month," Trump said. "I talked to him just a little while ago to say, 'I was coming here. How you doing?' And he didn't even mention it."Musk and a spokesperson for Trump did not return a request for comment from Business Insider.After the Journal published the story about Musk's donation plans, <a target="_blank" class="" href="https://x.com/elonmusk/status/1813097084595163643">Musk responded</a> with a meme with the caption, "FAKE GNUS." However, he also responded "Yeah" to a post from an X account that said, "Elon Musk went from being an Obama voter to pledging $180 million to elect DJT. The woke left really f*cked up. Badly."On the surface, Musk's increasing gravitation toward Trump would appear at odds with their own interests: one runs a successful electrical vehicle company that has <a target="_blank" href="https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12">benefited from government subsidies</a>, while the other is making EVs a political sticking point.During the Saturday rally, Trump said he thinks electric cars are "incredible, but they're not for everybody.""Some people have to drive long distances, and they tend to be more expensive," he said.The former president said later in the rally that he plans to eliminate the "electric vehicle mandate on day one," even though the Biden administration has not implemented such a mandate.Some critics say the stricter emissions regulations issued by the <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">Environmental Protection Agency</a> in March force automakers to make electric vehicles a large part of their sales.Still, the Journal reported that Trump's appraisal of electric vehicles in recent weeks while bashing any potential government mandate around them represents a shift in tone from the former president.Musk, for his part, has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donation-donald-trump-still-no-tweet-x-twitter-2024-7">given Trump his platform back</a> on Twitter-turned-X — though Trump has only posted on the account a few times — and said earlier this week that he supports taking away government subsidies."Take away the subsidies. It will only help Tesla," Musk said <a target="_blank" class="" href="https://x.com/elonmusk/status/1813112958157005259">on X</a> on July 16. "Also, remove subsidies from all industries."

Trump says he loves Elon Musk even though he never heard of the $45 million-a-month donation plan from the billionaire

We are once again at a crucial point in the world's economic recovery. Everything must go right, or global markets could turn violent.For the past four years, the world has been unified in its efforts to first ease the economic pain caused by the pandemic and then combat the historic bout of inflation that followed. When the pandemic set in, central banks around the world slashed rates to zero — just as they did during the financial crisis. Then as inflation set in, they started raising rates at a rapid clip unseen in decades. They did all this in nearly perfect time, which ensured that markets remained stable and predictable. But now, the world risks falling out of sync.The <a target="_blank" href="https://www.businessinsider.com/ecb-lagarde-economy-interest-rates-cuts-inflation-growth-central-banks-2024-6">European Central Bank began easing interest rates </a>on Thursday, cutting its benchmark rate by 0.25%. The move is not only a sign of confidence that the eurozone is in the last bouts of its battle with inflation but also an indication of worry that the economy needs a small boost to keep rolling. Investors and economists expect the Federal Reserve to follow suit and cut interest rates <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-decision-may-rates-held-steady-no-cuts-2024-5">in September</a>. And so, the story goes, central banks around the world will begin their coordinated descent into a soft landing — a perfect calibration of that push-pull between fighting inflation and evading a recession.The thing is, reality has been making a mockery of experts' assumptions all year long. Wall Street started the year expecting inflation to cool off, the economy to slow to a more leisurely pace of growth, and as many as <a target="_blank" href="https://www.businessinsider.com/interest-rates-2024-outlook-rate-cut-predictions-wall-street-stocks-2023-12">six interest rate</a> cuts from the Fed. Instead, inflation data has consistently come in hot, and the US economy's strength has defied expectations. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize."Summer will definitely be interesting," Tamara Basic Vasiljev, a senior economist at Oxford Economics, told me. Her base case is that everything will go according to plan, but there are caveats: "The Fed has proven its ability to fight off any kind of financial stability issues. But what if services inflation keeps surprising to the upside through the summer? Then it becomes apparent they can't even cut in September."If the Fed doesn't cut come fall, America's high interest-rate regime will be out of step with the rest of the world. And any differential between the US and the rest of the world would send a weird wave of money crashing onto America's shores. That sudden surge of cash could, in turn, add liquidity to our financial system just as the Fed is trying to dry it up and push up prices around the economy. This would make it even harder for the Fed to ease, further diverging US policy from the rest of the world. Think of it as a vicious cycle standing in the way of the world's smooth, soft landing.Over time, this has the potential to add volatility to already skittish markets. Here in the US, stocks move on mood — one week, Wall Street thinks we're in for stagflation; the next, it believes a soft landing is coming. This divergence in interest policy, over time, has the potential to bring that same frantic energy to currency markets.<h2>The carry nation</h2>Wind is the result of an imbalance: air moving from areas of high pressure to areas of low pressure. The greater the pressure differences, the faster the wind blows. The same principle applies to the global flow of cash — investors chase imbalances, and sometimes things get blown over in the process.The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is <a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-forecast-2024-full-accommodation-economic-contraction-unemployment-2023-11">5.25%- 5.50%.</a> These differentials have allowed Wall Street to make what is called a "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/foreign-exchange-funds-central-banks-fed-rate-hikes-carry-trade-2023-11">carry trade</a>": Investors borrow money from a country with low interest rates, invest it in bonds from a country where interest rates are high, and pocket the difference. In this case, that means moving money from the rest of the world and buying US assets, particularly government bonds. This trade has been hot since the start of the year — investment banks like JPMorgan and UBS recommended it to clients, and a Bloomberg index based on selling the lowest-yielding G10 currencies and buying the highest ones has already returned 7% this year. The Institute of International Finance reported that in May alone, Emerging Markets ex-China — where rates are also higher — saw bond-market inflows of $10.2 billion, mostly due to investors benefiting from carry trades like <a target="_blank" href="https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-dip-as-growth-concerns-linger/card/japanese-yen-strengthens-as-risk-aversion-rises-carry-trade-crumbles-9tGHrcickLndc749YzTO">selling Japanese yen</a> to buy Mexican pesos. These trades are "everywhere," Peter Schaffrik, a global macro strategist at RBC Capital Markets, told Bloomberg. And the more rates diverge, the more attractive this march of money from weak to strong becomes.What seems like a slam dunk for Wall Street is not such good news for either the US or the global economy. At a time when economies in Europe and elsewhere are losing momentum, sucking more money away from these economies will tighten financial conditions while they're trying to avoid a slowdown — especially in crucial regional data like <a target="_blank" href="https://markets.businessinsider.com/news/stocks/european-shares-fall-amid-data-deluge-1033460481">German industrial production</a>, which has come in soft of late. It will also weaken the euro, which will make it harder for the continent to import the energy it needs to fuel its economy and make it more expensive to buy American goods. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier."We expect that <a target="_blank" href="https://www.businessinsider.com/japan-yen-slump-intervention-currency-buy-us-involvement-interest-rates-2024-5">Japan</a> and South Korea will face challenges balancing monetary policy to maintain stability as the dollar appreciates," Nigel Green, the CEO of deVere Group, a global wealth-management firm, told me. "I wouldn't be surprised if policymakers feel the need to intervene in the currency markets or adjust interest rates to manage these effects."For the US, more money sloshing onto America's shores has the opposite impact of what the Fed wants to achieve: It pushes up asset prices and loosens financial conditions. In other words, it makes it harder for the Fed to fight the inflation that is aggravating consumers."There are legitimate concerns that this influx of capital into the US will increase liquidity, driving up asset prices and inflationary pressure, making it more challenging for the Fed to lower rates," Green said. "Increased liquidity can lead to inflationary pressures, which the Fed might need to counteract by maintaining or even raising rates."As Green mentioned, there's a way for the Fed to fight back: hiking interest rates some more. But jacking up interest rates even further could finally break the back of the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-consumer-spending-slowdown-growth-gdp-2024-5#:~:text=Consumers%20are%20finally%20slowing%20their,and%20a%20weakening%20job%20market.">until now strong US consumer</a> and send us into a recession. It's the same calculation the ECB is making, though the EU's slowdown is more marked. Given these downsides, the Fed is unlikely to hike, which will create the perfect market for the carry trade to thrive. And as long as US data remains choppy — pointing to sticky inflation one day and disinflation the next — this carry-trade cash will end up sloshing around in the economy. This is a dynamic that central banks from countries already on their rate-cutting path will be watching. They're already seeing growth slow and, on top of that, will have money sucked away to the US, where data has been relatively strong through the first half of the year. Carry-trade cash exploits the dislocations between global economies that are keeping our policies from coordinating. We're in the early innings, but the longer this goes on, the more of an impact it will make. For Wall Street, that means <a target="_blank" href="https://www.businessinsider.com/wall-street-summer-worry-stock-market-crash-inflation-hamtons-vacation-2024-5">a summer of vigilance</a>. For economists, it means the picture of our economy that they're trying to cobble together with contradictory data is even blurrier. It's a time of increased uncertainty.<h2>Sticky-ing the landing</h2>There is, of course, hope that this divergence will be only a temporary state of affairs. If the US suddenly starts printing weak economic data, that will hasten the Fed's move to cut rates. And there are signs that EU inflation is stickier than policymakers would like, which could slow the pace of cuts enough for America to catch up.There are already signs of a slight tempering of America's red-hot economy: The household savings rate is at a 16-month low, disposable incomes have made only modest gains, and the amount that people have to pay on credit balances is elevated. The white-hot job market has cooled, and job openings have returned to prepandemic levels. But not every indicator is telling the story of a soft landing. On Friday, <a target="_blank" href="https://www.businessinsider.com/how-unemployment-rate-job-growth-looked-in-may-2024-6">May's jobs report</a> showed that the country created 272,000 jobs — way more than the 182,000 expected. The data seesaw stateside continues. On the other side of the Atlantic, there are signs that UK and EU inflation could be stickier than policymakers had foreseen. <a target="_blank" href="https://markets.businessinsider.com/news/interestrates/eurozone-inflation-rises-ahead-of-ecb-meeting-1033440963">EU inflation ticked up slightly to 2.6% in May</a>, surprising the ECB but not shocking it enough to stop a June rate cut. In the UK, stubborn services inflation, which came in at 5.9% for the month of April, may give the Bank of England reason to pause. Oxford Economics' Basic Vasiljev told me that this indicated that the EU and US were moving more in tandem than this policy lag suggests and the current policy divergence would remain short. Even the Bank of Canada, which cut its benchmark rate to 4.75% from 5% last week, is cautiously optimistic the dislocation will be momentary. "There are limits to how far we can diverge from the United States, but we're not close to those limits," Gov. Tiff Macklem said at the Bank of Canada's latest meeting. Not close… yet.This rosy outlook is not a guarantee: Wall Street still expects three cuts this year from the ECB and the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/european-shares-fall-amid-data-deluge-1033460481">Bank of England</a>. Even in little clips of 0.25%, three cuts would create a divergence traders would exploit. And if September comes and the US is still hot, that exploitation could continue all year long, exacerbating the conditions that are keeping monetary policy out of sync. That sucking sound you'll hear all summer is the sound of Wall Street slurping money from Europe, Canada, the UK, and East Asia into US markets. Policymakers will have to recalibrate. This doesn't mean we won't stick a soft landing — especially if this disordered moment is brief — it just increases the odds of a bumpy ride until we get there.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

America's plan to fix its economy is going to screw over the rest of the world

<ul class="summary-list"><li>Stocks may crash 30% and a recession could hit within months, Gary Shilling said.</li><li>The star forecaster said stocks are super pricey and flagged several signs of economic strain.</li></ul>A legendary market prophet has warned that overpriced stocks may come crashing down, and a <a href="https://www.businessinsider.com/recession-outlook-economy-dimon-solomon-gundlach-hanke-unemployment-hard-landing-2024-3">recession might strike within months</a>."Stocks are very, very expensive now" relative to both corporate earnings and rival assets like Treasury bonds, Gary Shilling recently told the <a href="https://retirementlifestyleadvocates.com/podcast/episode/2024-02-25-retirement-lifestyle-advocates-radio-w-dr-a-gary-shilling" target="_blank" rel="noopener">Retirement Lifestyle Advocates radio show</a>."If we wake up one of these days and find that a major company has gotten into trouble, and that triggers a huge sell-off in stocks, I wouldn't be at all surprised," he added.Shilling was Merrill Lynch's first chief economist and launched his own economic consultancy and investment-advisory firm in 1978. The president of A. Gary Shilling &amp; Co. is known for making <a href="https://www.agaryshilling.com/a-gary-shilling" target="_blank" rel="noopener">several prescient market calls</a> over the past four decades.The star forecaster noted the <a href="https://www.businessinsider.com/chart-shiller-pe-returns-2013-1">Shiller price-earnings ratio</a> for the S&amp;P 500 is about 45% higher than the long-term average, indicating stocks are historically overvalued.He also cautioned that a handful of stocks <a href="https://www.businessinsider.com/stock-market-crash-magnificent-seven-tech-stocks-dotcom-bubble-edwards-2024-2">make up a big chunk</a> of the stock market's current value. Shilling described that kind of concentration as "always dangerous" because it suggested investors "really don't like the rest of the stock market and therefore the bulk of the economy.""This has been a wildly speculative kind of market," Shilling said, comparing the run-up in the "Magnificent Seven" tech stocks to the "<a href="https://markets.businessinsider.com/news/stocks/tech-stock-magnificent-seven-crash-bubble-ai-hype-dotcom-crash-2024-2">Nifty Fifty</a>" bubble in the early 1970s that centered on names like Winnebago and Polaroid.Shilling warned the S&amp;P 500 could tumble by 20% to 30%, although the decline "could even be bigger than that." He <a href="https://markets.businessinsider.com/news/stocks/gary-shilling-stock-market-outlook-crash-spx-recession-bitcoin-ai-2024-2">recently told</a> Business Insider the benchmark index could plummet below 3,500 points — a 32% plunge from its current level of about 5,100 points.The veteran economist issued a similar warning in his "Insight" newsletter for March. "Rampant speculation seems destined for a big downfall," he wrote, singling out bitcoin as a "purely speculative vehicle."<h2>Cracks in the economy</h2>Shilling reeled off a bunch of red flags that suggest a recession is looming. He pointed to the prolonged decline in the <a href="https://www.businessinsider.com/leading-economic-index-recession-indicator-outlook-grantham-rosenberg-gundlach-shilling-2024-2">Leading Economic Index</a>, pressure on housing starts, waning consumer demand and confidence, <a href="https://www.businessinsider.com/oleary-regional-banks-commercial-real-estate-small-business-rates-lending-2023-9">small businesses</a> scaling back their hiring plans, a softening labor market, and the Federal Reserve raising interest rates from almost zero in early 2022 to more than 5% by last summer.Looking at the past seven recessions, Shilling emphasized that they struck an average of 26 months after the Fed began raising rates. It's been about two years since the first rate increase in this cycle, suggesting "the economy is due for a downturn," he said."The odds are very much in favor of a recession," he added, noting there's only been one soft landing since World War II.Even so, Shilling predicted it would take time for the economy to capitulate. Companies have held off on firing workers after facing labor shortages in recent years, and consumers have <a href="https://www.businessinsider.com/consumer-spending-us-economy-outlook-inflation-recession-fed-interest-rates-2024-2">kept spending</a> by tapping their pandemic savings and racking up record amounts of credit-card debt, he said.<h2>Homes and dollars</h2>Shilling also shared his outlook for the <a href="https://markets.businessinsider.com/news/commodities/housing-market-explained-mortgage-rates-fed-inventory-home-prices-house-2023-6">frozen US housing market</a>, the national debt, and the dollar, predicting a "considerable revival" in housing activity over the next three or four years as mortgage rates drop.He also flagged the risk of a future "debt bomb," as spiraling federal borrowing leads to the government spending more and more of its budget just paying the interest it owes.As for the greenback, Shilling said he wasn't worried about "<a href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a>" or the <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-dominance-us-debt-economy-brics-rival-currency-2024-2">end of dollar dominance</a> in currency markets."There's really no other option than the dollar," he said. "It's the cleanest sock in the laundry. It's the tallest midget. It's the slowest falling rock. Whatever it is, it's the best of the lot."It's worth pointing out that Shilling has been <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-forecast-spx-recession-economy-fed-gary-shilling-2023-11?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">sounding the alarm</a> on stocks and the economy <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-spx-recession-forecast-shilling-fed-rate-cuts-2024-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">for a long time</a>, yet both have defied his <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-shilling-spx-returns-recession-forecast-us-economy-2024-1?utm_medium=ingest&amp;utm_source=markets" rel="">bleak predictions</a> and performed surprisingly well. But in light of his long-term track record and decades of experience, plenty of investors remain happy to hear him out.

Market prophet Gary Shilling warns stocks could crash 30% — and says the odds are 'very much in favor of a recession'

<ul><li>India’s national capital is implementing the ‘odd-even’ scheme to battle the city’s rising <keyword id="55910" type="ORGANIZATION" weightage="20" keywordseo="Air-Pollution">air pollution</keyword>.</li><li>The scheme will be in effect from 4 November 2019 to 15 November 2019.</li><li>Anyone found skirting the law will be fined ₹4,000.</li></ul>India’s national capital Delhi is no stranger to air pollution. In fact, it’s one of the <a href="https://www.businessinsider.in/gurgaon-is-the-most-polluted-city-in-the-world/articleshow/68267574.cms">most polluted</a> cities in the world. The city’s local government is implementing the ‘<a href="https://www.businessinsider.in/pollution-dipped-in-last-3-years-still-delhi-to-have-odd-even-scheme/articleshow/71145180.cms">odd-even</a>’ scheme, yet again, to try and battle the growing environmental threat. <keyword id="260213" type="PERSON" weightage="20" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword>, Delhi’s chief minister, announced that the odd-even scheme will be in effect from 4 November 2019 to 15 November 2019. He also clarified that it will also apply to Delhi’s ministers and chief ministers. On the other hand, women-only vehicles, two-wheelers and cars carrying school children in uniform will be exempted. Violation of the rules under the odd-even scheme will result in a ₹4,000 fine for the offenders. Delhi is not the only one at fault According to Kejriwal, the <a href="https://www.businessinsider.in/fed-up-of-pollution-more-than-35-of-residents-in-indias-capital-say-they-want-to-move-out-permanently-survey/articleshow/66630699.cms">rising level of air pollution</a> in Delhi can’t be wholly be blamed on the city. The crop burning after the harvest season in neighboring states is also a contributing factor. "It is unjustified to only blame the residents of Delhi," he stated. He also said that the <a href="http://safar.tropmet.res.in/">SAFAR reports</a> stating that only 10% of Delhi’s air pollution comes from stubble burning as inaccurate. This is because the right equipment to measure air quality and its sources accurately are still being imported and not currently in place, according to him. See also: <a href="https://www.businessinsider.in/gurgaon-is-the-most-polluted-city-in-the-world/articleshow/68267574.cms">India accounts for 7 of the world’s 10 most polluted cities — with Gurugram ranked as the worst: Study</a> <a href="https://www.businessinsider.in/pollution-dipped-in-last-3-years-still-delhi-to-have-odd-even-scheme/articleshow/71145180.cms">Delhi to go ahead with odd-even scheme even as pollution dips by 25%</a> <a href="https://www.businessinsider.in/fed-up-of-pollution-more-than-35-of-residents-in-indias-capital-say-they-want-to-move-out-permanently-survey/articleshow/66630699.cms">Fed up of pollution, more than 35% of residents in India’s capital say they want to move out permanently: Survey</a>

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