What is Bitcoin’s role in the global monetary system? That question sparked a tense exchange between Coinbase CEO Brian Armstrong and French central bank governor François Villeroy de Galhau at the World Economic Forum in Davos, Switzerland this week. “Bitcoin is the greatest accountability mechanism on deficit spending,” said Armstrong. “If we lose public control over money, you lose a key function of democracy,” returned Villeroy. The rapid-fire exchange between Armstrong and Villeroy de Galhau at D ...

Core Points - The U.S. current account deficit contracted by a record $188.5 billion, or 42.9%, to $251.3 billion in the second quarter, reversing the previous month's increase [1] - The current account deficit represented 3.3% of GDP, the smallest share since Q3 2023, down from 5.9% in Q1 2023 [2] - The goods trade deficit narrowed to $270 billion, the smallest since Q4 2023, from $465.8 billion in Q1 2023 [5] Imports and Exports - Imports of goods decreased by a record $184.5 billion to $820.2 billion, with declines in nonmonetary gold, consumer goods, and industrial supplies [4] - Goods exports increased by $11.3 billion to $550.2 billion, driven by nonmonetary gold shipments [5] - Exports of services rose by $2.1 billion to $301.6 billion, supported by financial services and intellectual property charges [5] Income Receipts and Payments - Primary income receipts increased by $17.8 billion to $376.1 billion, while payments rose by $22.8 billion to $383.8 billion [6] - Secondary income receipts decreased by $2.6 billion to $45.9 billion, and payments fell by $1.0 billion to $99.2 billion [6]