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Archive : Author

POSTED ON September 15, 2020  - POSTED IN Key Gold Headlines

The federal government added another $200 billion-plus to the budget deficit in August, pushing the fiscal 2020 budget shortfall to over $3 trillion with one month still left in the fiscal year.

Uncle Sam continues to rack up enormous monthly budget deficits. The August shortfall came in at $200.1 billion, according to the Treasury Department’s Monthly Treasury Statement, pushing the fiscal 2020 budget shortfall to $3.01 trillion. That’s more than double the previous record deficit of 1.413 trillion set in FY 2009 at the height of the financial crisis.

POSTED ON September 13, 2020  - POSTED IN Peter's Podcast

Wildfires are raging out of control in western states doing millions of dollars in damage and disrupting countless lives. In a recent podcast, Peter Schiff said the Federal Reserve has set an even fiercer wildfire – inflation. And we are in danger of it burning out of control through the entire US economy.

POSTED ON September 13, 2020  - POSTED IN Guest Commentaries

Last month, the Federal Reserve moved its inflation goalposts. Is it setting us up for a return to the inflation of the 1970s?

During a speech at Jackson Hole, Federal Reserve Chairman Jerome Powell announced new policy guidance for how it addresses price inflation. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In practice, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level. In effect, the central bank now has an excuse to let inflation run hot.

POSTED ON September 11, 2020  - POSTED IN Fun on Friday

How would you like to eat some cool gold?

Read closely. I didn’t say buy gold. That’s probably would you would expect on the SchiffGold webpage.

But I said eat gold. Because, you know, that is a thing.

POSTED ON September 11, 2020  - POSTED IN Friday Gold Wrap

There was a tremendous amount of volatility in the stock market this week with the NASDAQ entering correction territory and then rebounding. Is this just a blip on the radar? Or is the biggest bubble ever running out of steam? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about it. He also digs into what’s going on in the housing market and what it’s telling us about the broader economy.

POSTED ON September 10, 2020  - POSTED IN Key Gold Headlines

Last month, we reported that mortgage delinquencies charted their biggest quarterly rise ever. Digging more deeply into the numbers, we find even more trouble brewing in the subprime mortgage market.

Of the 8 million active mortgages the FHA insures, 17% were delinquent in July. That ranks as the highest level in history. That translates to about 1.4 million delinquent FHA loans.

POSTED ON September 8, 2020  - POSTED IN Guest Commentaries

Last month, the Federal Reserve moved the goalposts when it changed its inflation targeting policy. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In effect, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level.

We have argued that this isn’t some kind of technical policy shift due to new economic insights. It’s a necessary move because the Fed can’t stop printing money and price inflation is an inevitable side-effect.

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