Hard Numbers: US low on chips, Egypt buys US arms, snow in Athens, Mexican remittances

Hard Numbers: US low on chips, Egypt buys US arms, snow in Athens, Mexican remittances
Gabriella Turrisi

5: US manufacturers now have on average less than five days' worth of semiconductor supplies, down from 40 days before the pandemic. There's growing pressure for America to produce more chips as a global shortage drags on.

2.5 billion: The Biden administration has approved the sale of $2.5 billion worth of US-made arms to Egypt, despite opposition in Congress. A few Democratic senators wanted the Egyptians to meet certain conditions on human rights in order to get American weapons.

3.1: Parts of Greece and Turkey have been blanketed by a rare snowstorm, leaving thousands of people stuck in traffic for hours and forced to evacuate. Usually balmy Athens received 3.1 inches of snow on Monday, almost three times its annual average, while flights at Istanbul's airport have been suspended for two days. The storm is now heading to Israel.

50 billion: Remittances sent home by Mexican migrants in 2021 are expected to exceed $50 billion for the first time, in part due to a pandemic surge in money across the US border. Mexico receives about 6 percent of global remittance payments, behind only India and China.

More from GZERO Media

Ask An Economist: How to Lower Inflation | GZERO World

US inflation is now at a 40-year high. So, what are we gonna do about it? That depends on where you think the problem is coming from, American economist and University of Chicago professor Austan Goolsbee says on GZERO World with Ian Bremmer.

Author Salman Rushdie
Reuters

Renowned author and free-speech activist Salman Rushdie, 75, was stabbed by an unknown assailant Friday during a speaking engagement in New York. A statement from New York state police released about an hour after the incident said Rushdie suffered “an apparent stab wound to the neck.” He was immediately transported by helicopter to an area hospital, and his condition was “not yet known.” The Indian-born writer is no stranger to death threats: In 1989, Iran's Supreme Leader Ayatollah Ruhollah Khomeini ordered a “fatwa,” (an Islamic legal pronouncement) calling on Muslims to kill Rushdie after he published “The Satanic Verses.” Many Muslims considered the novel – inspired by the life of the prophet Mohammed – to be blasphemous. Rushdie lived in the UK, where he had British security service protection for over a decade – and for good reason: the Japanese translator of the book was murdered in 1991, while the Norwegian and Italian publishers were also attacked. In 2002, Rushdie moved to the US. While the threat to his life has remained serious – there’s still a $4 million bounty on his head – it hasn’t stopped Rushdie from writing or taking speaking engagements, or from viewing the threats with a dose of levity.

Trump & Biden Spent Too Much On COVID Stimulus, Says Austan Goolsbee | GZERO World

The brief recession the US economy experienced during the pandemic was arguably the weirdest one ever.
Why? Because it was "an unprecedentedly steep downturn [followed by] an unprecedentedly rapid comeback," economist and University of Chicago professor Austan Goolsbee tells Ian Bremmer on GZERO World.

Paige Fusco

Ukraine's President Zelensky asserted this week that the war with Russia must end with Crimea's "liberation." Why did he say that? Why now? And what might that mean for what comes next?

When High Inflation Meets High Job Rates | GZERO World

We live in odd economic times. Polls show Americans now feeling so glum about the economy, yet okay about their individual finances? Why? It's the unemployment, stupid, economist and University of Chicago professor Austan Goolsbee tells Ian Bremmer on GZERO World.

Listen: “China's ability to grow in unprecedented fashion came because they had really cheap labor, and wealthy countries around the world were very happy to take advantage of that labor. Those two things are no longer true,” said Ian Bremmer, president of Eurasia Group and GZERO Media. From the state of the great technological decoupling to China's zero-COVID policy, the relationship between the US and China remains both critically important and deeply fraught.

Luisa Vieira

By the end of the year, the region’s six largest economies will likely be led by leftist presidents, the biggest showing for left wingers in 15 years. But this Latin American “pink tide” is very different from the last one.