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When you think about government, innovation isn’t exactly the first thing that comes to mind. Just last week, CNN reported that the US Department of Defense still uses 1970s era computing systems that require “eight-inch floppy disks.” Some of these ancient computers run US nuclear weapon systems: Such disks were already becoming obsolete by the […]
The head of a major silver mining company says he thinks we will see triple-digit silver prices in the near future. Keith Neumeyer serves as CEO of First Majestic Silver Corp. The company ranks as the second largest silver producer in Mexico – the world’s leading country in silver production. Neumeyer told Bloomberg a major […]
Good morning Puerto Rico. Default is coming. Legislation moving in Congress would set up an oversight board to guide the US territory through what essentially amounts to bankruptcy. It would not expend federal funds to bail out Puerto Rico, but would allow the island’s government to pay back debtors at less than 100%. This is […]
Last week we reported that central banks were jettisoning US debt and buying gold. Figures released by the IMF this week indicate central bank gold hoarding has not abated. Russia and China both extended their prolonged buying spree in April. Russia added 16.2 tons to its reserves. China increased its holdings by 10.9 tons. Another […]
We’ve said before that the growing level of debt in the US is the elephant in the room we are going to have to address at some point. We’ve talked about the massive government debt and the drag it puts on the US economy. We’ve talked about the crushing weight of student loan debt – […]
Policies create by Congress helped break Puerto Rico. Now it’s wrangling over over how to fix it, as time seems to be running out on the US territory. Congress has struggled to find solutions acceptable to both Republicans and Democrats. The House Natural Resources Committee released a compromise bill around midnight Wednesday, hoping to bring […]
Jobs, jobs, jobs! We’ve been hearing about strong jobs growth for months. And it’s true. There are lots of new jobs. It’s a good thing too, because a lot of people need two or three to make ends meet in today’s economy. The Fed is hinting strongly at an interest rate hike in June. In […]
Continuing a trend that started last year, central banks around the world are dumping US debt at a record pace. Central banks sold off a net $17 billion in US Treasury bonds in March. Sales set a record in January, hitting $57 billion. China, Russia, and Brazil led the way, each dumping at least $1 […]
China is serious about gold and continues to expand its influence on the world gold market. On Monday, China’s largest bank announced the purchase of one of Europe’s biggest gold vaults. Reuters reported the sale: ICBC Standard Bank is buying Barclays’ London precious metals vault, giving the Chinese bank the capacity to store gold worth […]
These are not normal economic times. Interest rates have remained artificially low, plunging into negative territory in many places. Central banks continue to inflate the money supply with quantitative easing. Some policy-makers have even floated the idea of helicopter money. Worldwide money printing is reportedly approaching $100 trillion. There is no end to this crazy […]
