Washington, DC, Wall Street, and central bankers around the world rejoiced this week as Congress came to an agreement to end the government shutdown and lift the debt ceiling. The latest spending-and-debt deal was negotiated by Congressional leaders behind closed doors, and was rushed through Congress before most members had time to read it. Now that the bill is passed, we can see that it is a victory for the political class and special interests, but a defeat for the American people.
Last week, for the first time since the 1979 Iranian revolution, the US president spoke with his Iranian counterpart. Their 15 minute telephone call was reported to open the door to further high-level discussions. This is a very important event.