Economy

Economy (2)

"Textiles, apparel, gold, marble and steel are the leading export goods from Turkey into the U.S. Key members of these industries told Turk of America about the competitive environment. Where does the Turkish-American trade stand today, and what are our competitors doing?"

Future of Cryptocurrency

Turk of America Journalist Ali Cinar interview Perianne Boring ,President and Jackie Price, CMO at Chamber of Digital Commerce. They have shared positive messages for the digital currency market.


-What does the future for Cryptocurrency?

Digital assets and cryptocurrencies are going to play a critical role in the financial system for generations to come. Already we see more and more companies like MicroStrategy, MassMutual, Tesla and others adding these assets to their balance sheets and payment platforms like PayPal, Square and MasterCard entering the market. We are still in early days, but the adoption and expansion of cryptocurrencies and digital assets is going to continue. Millennials and Gen Z citizens around the world are particularly eager to invest in and use digital assets, partly because they appreciate the speed and efficiency and because they are the digital-native generations that are well suited for these platforms.

-Do you think that Speculation Isn't the Sole Driver of Bitcoin Prices? Especially, are Elon Musk statements healthy for the market ?

Bitcoin has emerged as its own asset class and the case for bitcoin as a true store-of-value has been made. Much of the current buying demand is from corporate and institutional investors that are looking to diversify their portfolios into uncorrelated assets. The macroeconomic landscape where the war on COVID has turned into the war on currencies has left many investors looking to hedge against the hidden tax on inflation from expansionary monetary policies.

-What would be the expectation regarding digital currencies (bitcoin) from Biden Admin?

There are many things to consider and numerous discussions among policymakers, regulators and the industry right now that are important steps toward a clear, transparent, and growth-oriented framework for innovation in the industry. The Chamber of Digital Commerce is working with Congress and the Biden administration to accelerate the adoption of a National Plan of Action for Blockchain and Digital Assets, which is urgently needed to maintain a U.S. leadership position during this transformative moment on global financial history.

***Ali Cinar's interviews were published on CNNTurk and Milliyet Newspaper.
 

President-Elect Biden: A First-Class Economic Team

At Biden-Harris  transition headquarters in Wilmington, Delaware, President-Elect Joe Biden  introduced his new economic team as he called  "a 'First-Class' team who will bring America out of the financial crisis.

In his speech, Biden renewed his call to Congress to immediately pass the coronavirus economic aid package and stated that any potential aid package to be passed before January, when he takes over the Presidency, would only be the beginning. Biden added that his team had started working on the Coronavirus aid package and that the package would be announced immediately after he takes office.

"No one is more qualified than Yellen."

Biden officially announced Janet Yellen, the former President of the Federal Reserve (FED), as his nominee as the Secretary of Treasury. Yellen will be the first woman to take this role if she is approved by the Senate. Biden said, "No one is more qualified to deal with this crisis than Yellen."

Biden announced that he would be appointing Neera Tanden, the President of the Center for American Progress, a center for political and public research, as the head of the White House Office of Management and Budget. Tanden will be the first American woman of South Asian descent to take this role. 

When talking about Tanden, Biden said, "She understands the struggles that Americans are facing."

Biden picks Wally Adeyemo as Deputy Secretary of Treasury. Adeyemo will be the African American who has been given the highest role at the Treasury to date.

Biden has announced Cecilia Rouse, the Dean of the Princeton University School of Public and International Affairs, as the Economic Advisor to the White House. Rouse will be the fourth woman, but the first black American, to take this role.

Biden also officially announced that Jared Bernstein and Heather Boushey would be among the names on the economic council.

Biden said that he hoped his candidates would be approved swiftly by the Senate.

Yellen calls for swift action.

On the other hand, Yellen, who has been announced as the Secretary of Treasury by Biden, said, "We are experiencing a historic crisis due to the pandemic and the economic consequences it has brought with it." She underlined that the pandemic had affected the poorest in a disproportional manner and essential to take urgent action. She stated that it was of critical importance that economic recovery includes everyone.

Mitch McConnell, the leader of the Republicans in the Senate, has proposed that the new economic aid package be merged with the budget proposal.

McConnell, who announced to the press after having discussions with Republican senators, stated that he had held talks with the White House and shared the summary of a proposal, which would be acceptable to President Donald Trump, with Republican senators.

However, according to a Republican source from the Senate, the said proposal is very close to one that McConnell has been talking about for months and rejected by the Democrats. According to a document obtained by Reuters, the said plan foresees the setting aside of 332.7 billion dollars for small businesses, in the form of loans or grants.

Treasury Secretary Steven Mnuchin and Nancy Pelosi, the Speaker of the House of Representatives, had met on Tuesday to discuss the matter.

 

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