China'€™s leadership will soon usher in bold reforms to support a domestic consumption-driven economic model, and globalizing the renminbi as an alternative store of wealth to the US dollar is at the center of the strategy. The scathing commentary published by China’s state-owned Xinhua news agency calling for a "de-Americanized world" was undoubtedly music to the ears of many in the developin [...]

The US government spending crisis has caused visible pain for research and innovation in America. Already this year, billions of dollars in federal cuts due to sequestration has affected federal grants for scientific research. But this problem is only the tip of a much bigger problem facing the redundant superpower. [...]

Four out of 5 U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor and loss of good-paying manufacturing jobs as reasons for the trend [...]

As the US government went back to work for its first fully operational day in over two weeks, President Barack Obama addressed the nation Thursday morning from the White House, chastising Republican lawmakers who led the country so close to default. Hours after authorizing a deal that allowed the US government to open back up for business, [...]

A US debt default could hit on Thursday, and world leaders are second guessing the dominant role America plays in finance. Regardless of the final decision in Washington, confidence and credibility in the US has already eroded. In an editorial published by the Chinese state-owned press agency Xinhua, a columnist says the US economy has ‘failed’ and put many countries who hold state assets in d [...]

The top Republican in the House of Representatives warned President Barack Obama over the weekend that he’s ready to let the United States default — and that the White House is to blame. House Speaker John Boehner (R-Ohio) told ABC’s “This Week” on Sunday that Republicans in his chamber would not immediately honor the White House’s request to raise the US debt ceiling, setting the stag [...]

Washington seems certain that exerting sanctions on countries is the safest way to achieve their foreign policy goals. In reality economic and political sanctions do little to control the governments they target, hitting ordinary citizens hard instead. “The aim of sanctions is to harm the state. But the real victims are ordinary, regular people. Experience has shown that there’s a huge wedge b [...]