Joe Biden says the economy is great. Paul Krugman says the inflation war is over and we won. But Americans aren’t buying the narrative. They’re growing increasingly worried about the economy and inflation.
The University of Michigan Index of Consumer Sentiment tanked in October with inflation worries at the highest level since last May.
After a more than 3-year pause, government student loan repayments started again this month and it’s already putting the squeeze on borrower’s wallets. This is bad news for an economy already strained by massive levels of debt and rising interest rates.
Interest accrual on student loans resumed on September 1 with the first payments coming due in October.
The Reserve Bank of Zimbabwe (RBZ) has launched a digital payment system backed by physical gold.
The RBZ rolled out its digital gold-backed token in April after successfully implementing a program to produce physical gold coins in 2022. On Oct. 5, the central bank announced that these gold-backed digital tokens could be used as a method of payment for domestic transactions.
That’s how long it took the Biden administration to add another half-trillion dollars to the national debt.
Bidenomics certainly requires a lot of borrowing and spending.
American consumers continued to pile up debt on credit cards while borrowing for big-ticket items fell into the basement in August.
This is the behavior of extremely financially stressed people.
Central bank gold buying continues to sizzle.
Central banks globally added a net 77 tons to their reserves in August, according to the latest data compiled by the World Gold Council.
You can hold physical gold and silver in an IRA, and there are certain advantages to doing so.
Historically, IRAs with an allocation to precious metals perform better than IRAs with no exposure to silver or gold. There are also tax benefits when contributing to an IRA.
We keep hearing about a “soft landing.” According to government officials, central bankers, and mainstream financial media pundits, the US economy has dodged a recession.
So why are recession warning signs still flashing?
Banks are more vulnerable to the housing market now than they were in 2007.
Most people in the mainstream will scoff at that statement. They’ll tell you that the situation is very different today. After all, we don’t have a big problem in the subprime mortgage market. We’re not seeing a big spike in defaults. That’s true. The problem is different this time. And it’s actually worse.