Last week, President Biden announced a plan to significantly hike capital gains taxes on the wealthy. Republicans are predictably opposed to the hikes, but in a recent podcast, Peter Schiff said the GOP is mired in hypocrisy.
The Biden plan would raise long-term capital gains taxes to 39.6%. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, would jack up the tax on wealthy investors as high as 43.4%.
I learned something today. Did you know silver is considered a hazardous waste?
So, I’m just going to say upfront that if you have some silver to dispose of, I’ll be happy to take it off your hands.
There’s been some chatter in the financial media about the decline of the gold market. Gold is a relic of the past and crypto will replace it as the go-to safe haven and inflation hedge, according to some. But as host Mike Maharrey explains in this episode of the Friday Gold Wrap podcast, the demise of the gold market is greatly exaggerated. A lot of people still want gold. Mike also touches on the national debt in this episode. It’s even worse than most people think.
The Arkansas Senate has passed a bill that would exempt gold and silver bullion and coins from sales tax. This would not only relieve some of the tax burdens on investors in the state; it would also take a small step toward treating gold and silver as money instead of as commodities.
America has turned into a consumption economy. The problem is, economies can’t run on consumption. Peter Schiff explains in this clip from a recent interview.
Consumption economies are bubble economies.”
In one of the biggest central bank gold buys in decades, Hungary tripled its gold reserves last month.
The National Bank of Hungary (Magyar Nemzeti Bank, MNB) bought 63 tons of gold, increasing its gold holdings to 94.5 tons, a record high for that country.
The US government ran a record $1.7 trillion deficit through the first half of fiscal 2021. That’s a staggering budget shortfall, but only a symptom of the real problem – excessive government spending. We’re told this will “stimulate” the economy. But in the long run, it does no such thing.
Ben Bernanke served as the chairman of the Federal Reserve from 2006 to 2014. He famously told Congress the Fed was absolutely not monetizing the debt in 2008. He said the difference between debt monetization and the Fed’s policy was that the central bank was not providing a permanent source of financing. He said the Treasurys would only remain on the Fed’s balance sheet temporarily. He was obviously wildly mistaken or outright lying.
In this clip from his podcast, Peter Schiff wonders out loud if Bernanke has ever told the truth.
China has opened the door to billions of dollars in gold imports.
Reuters cites five sources indicating that Beijing has greenlighted the import of 150 tons of gold valued at around $8.5 billion at current prices. The report notes that China’s sudden appetite for gold could potentially “support global prices.”
When Federal Reserve Chairman Jerome Powell appeared on 60 Minutes recently, he was asked what it takes to become the head of the central bank. In a clip from podcast episode 679, Peter Schiff said that when you think about the actual qualifications, Bernie Madoff would have made the perfect Fed chairman. Or perhaps the secretary of the US Treasury department.
So, what does qualify one to head up the Federal Reserve? Peter said that apparently, being clueless about economics helps.
