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Prices are rising throughout the US economy. Federal Reserve Chairman Jerome Powell keeps telling us this inflationary surge is “transitory.” But transitory doesn’t mean what you think it means. The truth is higher prices are forever. Here’s just a sampling of the price increases we’ve seen over the past few months.
After posting a 10.4% increase in May, consumer debt continued to expand, growing by a record rate in June. Consumer credit grew by $37.69 billion in June, according to the latest data from the Federal Reserve. That represents a 10.6% increase. The Fed also revised the May number up from $35.3 billion to $36.6 billion.
We’ve seen a sharp selloff in both gold and silver. Gold was down over $40 an ounce Friday. Meanwhile, the US dollar saw a sharp increase, along with a rise in long-term Treasury yields. The catalyst for these sharp moves was a better-than-expected jobs report and expectation that it will spark a quick pivot to […]
Gold continues to flow into ETFs. After increasing holdings by 40 tons in the second quarter, funds globally added another 11.1 tons of gold in July, according to the latest data from the World Gold Council.
The Federal Reserve and other central banks around the world have pumped trillions of dollars into the global economy and depressed interest rates to artificially low levels to blow up the mother of all bubbles. The recent acquisition of Afterpay by Square reveals the extent of this global bubble economy that will inevitably have to […]
In yet another sign inflation might not be transitory, over 85% of manufacturers reported increasing prices in July in the most recent manufacturing ISM report. At some point, producers will have to take steps to mitigate the impact of rising prices. That means passing costs on to consumers, cutting costs, or some combination of the […]
With the stimulus checks long ago spent, Americans have gone back to buying things the old-fashioned way – on credit. Household debt surged by $313 billion in the second quarter to nearly $15 trillion, according to the Federal Reserve Bank of New York Household Debt and Credit Report. It was the biggest quarterly dollar increase […]
Central banks globally added a net 199.2 tons of gold in the second quarter of 2021. That was the highest level of quarterly net purchases since Q2 2019 and 73% above the five-year quarterly average, according to data compiled by the World Gold Council.
Inflation continues to run rampant and it’s distorting the entire economy. Rising prices create the illusion of economic growth. And they are also allowing the US government to stealthily default on its massive debt. This is not a sign of a strong economy.
GDP for the second quarter disappointed, coming in at an annualized rate of 6.5%. Is this a sign of impending stagflation? While 6.5% growth looks good on the surface, economists polled by the Wall Street Journal expected annualized GDP to chart around 9.1%. This was a huge miss and indicates the economy isn’t growing nearly […]
