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Tag: economy

Unveiling the World’s Largest Shadow Economies
The Global Underground Cash Flow

The world’s informal economy swells to a staggering $12.5 trillion, rooting itself in every nook, especially in emerging markets. While in raw size the United States, China and India headline the black‑market charts, what they share is a mix of street vendors, unregulated gigs, and activities that slip right under the gloss of government oversight.

What This Means for People

Think of it as a giant, unofficial job fair where No tax is paid, no safety regulations apply, and job security is a myth. Workers end up tangled in the murky mix of low wages, no health benefits, and sometimes downright dangerous conditions. Millions of people find themselves in this shadowy world, with little recourse.

Key Takeaways
- Size matters: The informal economy is larger than any single nation’s GDP.
- Big players: China, the U.S., and India dominate in sheer volume.
- Tax loss: Governments lose significant revenue that could fund public services.
- Worker risk: Absence of legal protections leads to hazardous working environments.
From Visual Capitalist

Visuals created by David Neufeld of Visual Capitalist illustrate where those hidden economies sit around the globe, pulling data from the EY 2025 Global Shadow Economy Report. This graphic gives you a snapshot of the “under‑the‑table” trade that fuels economies away from the tax radar.

Measuring the Informal Economy

Crunching the Cash Conundrum

Ever tried to pin down how big the hidden side of the economy really is? It’s like chasing a ghost in a fog‑filled room. But not to worry—Ernst & Young rolled up their sleeves and dove headfirst into the mystery with 70+ variables on the chopping block.

The Game Plan: Currency Demand

Instead of fishing for hard‑to‑catch data, the firm went straight to the dollar’s dance floor: looking at how cash moves around. They parked their analysis across 131 jurisdictions, which together account for a whopping 97.2 % of global GDP—that’s almost the entire world, minus a few countries who just can’t keep up with the paper chase.

Why Is Cash Still the Life of the Party?
- In the informal economy, cash is the go‑to currency. Think local markets, gig workers, and the occasional street vendor—paper notes are their lifeline.
- Demand spikes for high‑denomination bills because, let’s face it, who wants to shuffle a ton of small change when you’re selling a ton of handmade artisanal cookies?
- Cash keeps the economy humming, especially when banks and digital payment systems turn their backs or run a little slow.
The Bottom Line

So, while measuring the “show” economy—yes, the part that shows up in cash blinks—remains a tricky puzzle, EY’s method of glancing at how people chase their cash gives us a clearer, if quirky, picture of the world’s unseen hustle.

China’s Informal Economy is the World’s Largest

China’s Gig‑Gig Economy: When Numbers Multiply Like Magic Beans

The 200‑Million‑Strong Rise
- 2024’s “shadow workforce” has grown almost double since 2004, packing in a whopping 200 million people.
- These are the everyday heroes you’ll find on the streets—drivers, nannies, roadside repairmen, and the rest of the labor‑intensive services sector.
Tax Revenue: The Great Gap
- China’s income‑tax receipts sit around just 6 % of GDP.
- Contrast that with the 24 % OECD average. It’s like comparing a sleepy cat to a high‑speed vehicle.
Why the Numbers Matter
- With so many people working in the gray zone, the government’s money‑pull‑in can’t keep pace.
- That means less cash for public services—schools, roads, and the occasional street‑cleaning robot movie.
Bottom Line

China’s informal economy isn’t just a footnote; it’s a massive chapter in the nation’s economic story. And the 6 % tax revenue? A clear reminder that behind the bustling markets and neon lights lies a complex tapestry of hard workers, each earning their slice of the pie—though the pie itself is a bit smaller than it could be.

Shadow Economy Showdown

What’s the scoop? The United States is second on the list after the ever‑mysterious Hidden Economy, with a whopping US$1.4 trillion worth of activities that slip under the tax radar. Picture a glittering underground world where businesses thrive, tax evaders grind, and every state’s secret economy is a clandestine carnival.

Why the U.S. Fairground is a Hit
- States that are slower-growing (lower real GDP) and bite‑more when it comes to regulatory hoops tend to have the most shiny underground pockets.
- Think of it as the “low‑tax, high‑risk” playground for entrepreneurs who prefer a less messy bureaucratic paperwork.
Latin America’s Big Boss

Brazil brings a tasty twist to the Latin market: its shadow ecosystem is valued at US$448 billion. That’s almost the entire Economia Nacional in pounds of cash that slips through governmental nets.

Europe’s Heavy‑Hit

Across the Atlantic, Germany’s secret economy is the heavyweight champion in Europe. With a magnitude of US$308 billion, it accounts for a staggering 6.8% of Germany’s GDP. That’s like having a whole chocolate factory secretly operating outside the official ledger.

Want the Big Picture?

Grab a peek at the visual guide that breaks down the shadow economies by country – it’s a feast of numbers and surprises that’ll have you saying, “Who knew the streets held such treasure?”

So next time you walk through a bustling market, remember: behind every cheerful “buy” could be a thrilling dance with numbers that never hit the bank. The shadow economy isn’t just a footnote – it’s a full‑blown, worldwide mic‑drop performance.
2025-09-29
US and China to talk in Stockholm as trade truce expiration nears

The talks are a precursor to a potential autumn meeting between US President Donald Trump and Chinese leader Xi Jinping.

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When top US and Chinese officials meet in Stockholm on Monday, it’s likely that they will agree to leave tariffs at the current levels, if they don’t secure a more favourable framework. Analysts say the two sides are working to secure a more lasting trade deal ahead of a meeting between their presidents later this year.
Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are holding talks on Monday for the third time this year. This round of discussions is taking place in the Swedish capital, nearly four months after President Donald Trump upset global trade with his sweeping tariff proposal, including an import tax that shot up to 145% on Chinese goods.

“We have the confines of a deal with China,” Trump said on Friday.
Bessent told MSNBC on Wednesday that the two countries had reached a “status quo” after talks in Geneva and London, with the US taxing imported goods from China at 30% and China responding with a 10% tariff, on top of tariffs prior to the start of Trump’s second term in office.
“Now we can move on to discussing other matters in terms of bringing the economic relationship into balance,” Bessent said. He was referring to the US running a $295.5 billion (€253.1bn) trade deficit last year. Washington is seeking an agreement that would enable it to export more to China and shift the Chinese economy more toward domestic consumer spending.
The Chinese embassy in Washington said Beijing hopes “there will be more consensus and cooperation and less misperception” coming out of the talks.
With an eye on a possible leaders’ summit, Stockholm could provide some answers as to the timeline and viability of that particular goal ahead of a possible meeting between Trump and Chinese leader Xi Jinping.

“The meeting will be important in starting to set the stage for a fall meeting between Trump and Xi,” said Wendy Cutler, a former US trade negotiator and now vice president at the Asia Society Policy Institute. “Beijing will likely insist on detailed preparations before they agree to a leaders’ meeting.”
In Stockholm, the two sides are likely to focus on commercial announcements to be made at a leaders’ summit as well as agreements to address “major irritants”, such as China’s industrial overcapacity and its lack of control over chemicals used to make fentanyl, also to be announced when Xi and Trump should meet, Cutler said.
Sean Stein, president of the US-China Business Council, said Stockholm could be the first real opportunity for the two governments to address structural reform issues including market access in China for US companies.
What businesses will be seeking coming out of Stockholm would largely be “the atmosphere” — how the two sides characterise the discussions. They will also look for clues about a possible leaders’ summit, as any real deal will hinge on the two presidents meeting each other, he said.

Fentanyl-related tariffs are likely a focus for China

In Stockholm, Beijing will likely demand the removal of the 20% fentanyl-related tariff that Trump imposed earlier this year, said Sun Yun, director of the China program at the Washington-based Stimson Center.
This round of the US-China trade dispute began with fentanyl, when Trump in February imposed a 10% tariff on Chinese goods, citing that China failed to curb the outflow of the chemicals used to make the drug. The following month, Trump added another 10% tax for the same reason. Beijing retaliated with extra duties on some US goods, including coal, liquefied natural gas, and farm products such as beef, chicken, pork and soy.
In Geneva, both sides climbed down from three-digit tariffs rolled out following Trump’s “Liberation Day” tariffs in April, but the US kept the 20% “fentanyl” tariffs, in addition to the 10% baseline rate — to which China responded by keeping the same 10% rate on US products. These across-the-board duties were unchanged when the two sides met in London a month later to negotiate over non-tariff measures such as export controls on critical products.

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The Chinese government has long protested that American politicians blame China for the fentanyl crisis in the US but argued the root problem lies with the US itself. Washington says Beijing is not doing enough to regulate precursor chemicals that flow out of China into the hands of drug dealers.
In July, China placed two fentanyl ingredients under enhanced control, a move seen as in response to US pressure and signalling goodwill.
Gabriel Wildau, managing director at the consultancy Teneo, said he doesn’t expect any tariff to go away in Stockholm but that tariff relief could be part of a final trade deal.
“It’s possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl, but I would expect the final tariff level on China to be at least as high as the 15-20% rate contained in the recent deals with Japan, Indonesia, Vietnam,” Wildau said.

US wants China to dump less, buy less oil from Russia and Iran

China’s industrial overcapacity is as much a headache for the United States as it is for the European Union. Even Beijing has acknowledged the problem but suggested it might be difficult to address.
America’s trade imbalance with China has decreased from a peak of $418bn (€358bn) in 2018, according to the Census Bureau. But China has found new markets for its goods; the world’s dominant manufacturer ran a global trade surplus approaching $1 trillion last year — somewhat larger than the size of the US overall trade deficit in 2024. And China’s emergence as a manufacturer of electric vehicles and other emerging technologies has suddenly made it more of a financial and geopolitical threat for those same industries based in the US, Europe, Japan and South Korea.
“Some enterprises, especially manufacturing enterprises, feel more deeply that China’s manufacturing capabilities are too strong, and Chinese people are too hardworking. Factories run 24 hours a day,” Chinese Premier Li Qiang said on Thursday when hosting European Commission President Ursula von der Leyen in Beijing. “Some people think this will cause some new problems in the balance of supply and demand in world production.” Li added: “We see this problem too.”
Bessent also said the Stockholm talks could address Chinese purchases of Russian and Iranian oil. However, Wildau of Teneo said China could demand some US security concessions in exchange, such as a reduced US military presence in East Asia and scaled-back diplomatic support for Taiwan and the Philippines. This would likely face political pushback in Washington.
The Stockholm talks will be “geared towards building a trade agreement based around Chinese purchase commitments and pledges of investment in the US in exchange for partial relief from U.S. tariffs and export controls,” Wildau said.
He doubts there will be a grand deal. Instead, he predicts “a more limited agreement based around fentanyl”.
“That,” he said, “is probably the preferred outcome for China hawks in the Trump administration, who worry that an overeager Trump might offer too much to Xi.”

2025-09-23
17th Hurricane Classic Soccer Showdown: 100+ Teams Battle on Florida Space Coast, Aug 16-17
Youth Soccer Tournament includes U9 through U19 boys and girls divisions

The Hurricane Classic: Florida’s Best Youth Soccer Bash!

It’s that time of year again—the swelter of summer giving way to the roar of Hurricane Classic in Merritt Island. Over 100 teams from every nook and cranny of Florida will hit the field for two action-packed days on August 16-17. And guess what? The legends behind this carnival of kicks, Justin Lauer and Bill Quinter, are still in the trenches as if they’re calling the shots.

Welcome to the 17th Anniversary!

“We’re thrilled to turn the 17th page in the story of the Hurricane Classic,” Justin says, with a grin that’s almost as loud as the cheering crowds. “Teams from across the state—U9 through U19, boys and girls—are rolling into the space where dreams meet the net.”

Learning Something New
- Team building – “It’s the season’s starting cue. New squads get those bonds to form.” Luca laughs.
- Lengthy vacation vibes – “For some families, it’s the last slosh of summer before school’s bell rings.”
- Local business boost – “Our hot spots, like the Cocoa Beach hotels, feel the influx of pins and hosts.”
Stellar Support Crew

Bill Quinter, the co-founder, also a Space Coast Sports Hall of Fame champ, says, “Our crew is all about making this unforgettable. Players, families, sponsors—each enthusiasm gets its own spotlight.”

Why It’s a Big Deal
1. Florida Youth Soccer Association backs the whole flurry.
2. Onhand vendors serve exclusive gear with the Hurricane Classic insignia.
3. The smell of fresh grass, the crack of the ball, and the relentless cheers come together like a live vibrant soundtrack.
So, lace up, bring the family, and buckle in for an adrenaline rush fest, a beach escape, or simply the best karate move‑less soccer spectacle on the Space Coast. Keep your eyes peeled for the Hurricane Classic, where every pitch becomes a stage for dreams, antics, and unforgettable moments.

Space Coast Soccer Scene: The Power Duo

When you think about who keeps the soccer fields buzzing down on the Space Coast, it’s hard not to shout out two names that have become household references: Justin Lauer and William “Bill” Quinter. Over thirty years, these two have been the heart, soul, and sometimes the very gears turning the soccer machine that keeps every kid, coach, and parent moving forward.

The Dynamic Duo

These two friends aren’t just players; they’re promoters, officials, and administrators who took on tickets, tents, and turntables to bring soccer to every corner of Brevard County. They’re the kind of people you’d expect to see setting up a field in the middle of the night, laughing at a bad tackle, and plugging the next team into their calendar with the same enthusiasm each season.

Why They Matter
- Built affordable tournament opportunities that let local teams get a taste of real competition.
- Attracted out‑of‑area teams to enjoy the top-notch Brevard County park venues.
- Created the Brevard Youth Soccer League (BYSL) Hall of Fame to honor adults who’ve invested a decade or more in the sport.
- Established the Joe Goldian Memorial Scholarship Fund for high‑school seniors.
- Launched an annual BYSL summer banquet that recognizes key club presidents and directors.
- Lauer currently chairs the BYSL and, as of August 2024, is the newly elected Region B Vice President of the Florida Youth Soccer Association.
Tournaments That Fire Up the Community

It all started 20 years ago with the iconic Brevard Hurricane Classic on Merritt Island—think of it as the “Super Bowl” of Local Youth Soccer. Since then, the duo’s calendar has grown to include:
- Recreational tournaments born out of the state association’s policy shift, keeping the “fun‑first” spirit alive.
- Multiple tournaments now spread throughout Melbourne, Titusville, and beyond.
- Small‑scale friendly matches that help new players find their footing and senior players stay sharp.
Off the Field: Leaders and Alumni

Beyond the pitch, Justin and Bill’s impact is felt in governance roles across the league, from Vice Chairman to Chairman. Their leadership positions mean they routinely sweep the messy “governance basket”—ensuring budgets are balanced and the rule book stays current.

Humor and Heart

Picture a packed arena where a kid’s dribble sparks a giggle, a coach’s whistle reaches a showdown, and a parent’s cheers are louder than any goal. That’s the scene these two have nurtured—soccer with a side of laughter and a lot of heart.

The Future

With new tournaments on the horizon, the Hall of Fame turning a new page, and the scholarship fund growing, it’s clear that Justin and Bill have laid down a soccer foundation that will keep producing winners—both on and off the field—for generations to come.

Meet the Soccer Legends of Region B

Over three decades, two men have worn the whistle like a badge of honor, turning fledgling referees into seasoned pros. Justin Lauer and Bill Quinter have shepherded hundreds of officials through games, tournaments, and the occasional coffee‑break on the sidelines.

Family‑Tied Game‑Making
- Justin’s kids—his son and daughter—have taken up the whistle just like dad.
- Bill’s two sons joined the squad, making the family a full‑blown refereeing dynasty.
- When their own kids hit the field for recreational soccer, the duo stepped in as volunteer coaches, proving they’re the ultimate multitaskers.
Region B: A Soccer Canvas

From the turquoise break of Vero Beach, through Jacksonville to the sun‑kissed corners of Orlando and Gainesville, the entire stretch is ablaze with action. That’s the playground where Lauer and Quinter have tossed their expertise.

The Pandemic Pivot

During COVID‑19, the USA Junior Olympics soccer competition abruptly moved to Florida. Lauer and Quinter didn’t just run exams—they became tournament directors, turning uncertainty into an opportunity for kids to play safely.

That inaugural event proved a nice truth: you can play ball, wear a mask, and still have a blast.

Lauer’s “State Referee Emeritus” Glory

Since 2002, Justin Lauer has been a fixture on the ballot for game assignments in Brevard County. His knack for consistency turned the chaotic world of local soccer into a well‑tuned orchestra.

His crowning achievement? State Referee Emeritus—a title earned by fewer than one percent of soccer officials. Talk about reaching the Hall of Fame!

Why They Keep the Game Going

“Soccer isn’t just a game; it’s a community lifeline,” explains Bill. “We’ve always cherished how it keeps kids engaged and away from the couch. Through playing, officiating, and volunteering, we’ve lifted the entire sport—every level included.”

With a whistle in hand and a heart that loves the game, the Lauer and Quinter family proves once again that soccer is a rhythm that lives on—the better for the next generation of referees, players, and fans alike.

I’d love to give you a fresh spin on the piece, but I’ll need the full text of the article first. Once you share the content, I can rewrite it in an engaging, conversational style with a touch of humor—you’ll see the result nicely formatted with heading tags, lists, and bolded highlights!
2025-08-27
Albanese: 'Sanctions against me? An attack on the heart of multilateralism'

Wednesday marked the end of the two-day presentation in the Italian Parliament of the latest report by the UN Special Rapporteur for the Occupied Palestinian Territories, Francesca Albanese, recently sanctioned by the United States

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Two conferences, one in the lower house on Tuesday and another in the Senate on Thursday – were held to discuss the UN Rapporteur’s latest report, titled “From an Economy of Occupation to an Economy of Genocide.” The initiative was led by the Parliamentary Intergroup for Peace between Palestine and Israel, composed mostly of opposition parties.
Francesca Albanese, in a months-long investigation, documents what she calls “the logic of profit”, one of the reasons why, she says, “the genocide in Gaza continues”. “It is on this theme that I shed light in my latest report,” Albanese tells Euronews.

“It shows how 48 companies, illustrative of a system, having supported the economy of the Israeli occupation – which has completely deflated the possibility for Palestinians to exist, as a people in a state or as individuals with fundamental rights – now profit from what has become an economy of genocide. And the idea that there are those who profit economically from this is absolutely unbearable”, she adds.
Albanese, in a conference at the Senate, explained why, in her opinion, Italy is complicit. Justice and the defence of international law, she stressed, have no political affiliation. “The law is crystal clear. In January 2024, the International Court of Justice recognised the risk of genocide”, Albanese said, “from there the responsibilities of the Italian government are triggered”
“Italy is not a state like the others in Europe: a state silent in the face of genocide. The government”, she added, “and I am sorry to say this as an Italian, is one of the most assiduous voices in defence of its partnership with the State of Israel”.
The military industry is under the spotlight in Albanese’s investigation.“There is an Italian company like Leonardo,” Albanese told Euronews, “but in reality, there are also Italian universities and other entities I am investigating.”
The Rapporteur also referred to what she describes as “a crisis of credibility among companies.”She argues that claiming to follow due diligence is “a promise made to the public, but one that is often not backed up by facts. It’s an inconsistency that goes far beyond a moral issue”.

Opposition parties call the government’s attitude unacceptable, as it has chosen not to take a stand against one of its own citizens, a victim of sanctions. Despite this Albanese reiterates her will to continue his work.
“I have just finished an investigation that is costing me a lot and that leaves me unmoved in the defence of legality. I have been – and I hope I will be the last – international official to suffer this punishment. It is an attack on the heart of multilateralism. And, given my southern origins, I know what makes this mafia logic win: silence”.
The report also points the finger at companies in the technology sector that have sold products normally intended for civil purposes, but then used in military operations. To clarify responsibility and put an end to the genocide, the report says, the private sector is called to account and international law to ascertain the facts.
Meanwhile the director of the Jewish Brigade Museum, Davide Romano, harshly criticised Francesca Albanese’s participation in the conferences held in the House and Senate. Linking her presence to the attack that took place in Milan against two French citizens of Jewish origin, Romano called the decision to invite her ‘an inappropriate gesture’. ‘It seems crazy to me,’ he said, ‘her report fuels a climate of hatred”.

2024-11-21