Contact us
CALL US NOW 1-888-GOLD-160

David Stockman: Get Ready for Fiscal Chaos – Buy Gold (Video)

  by    0   1

In a recent interview with Dave Hunter of USA watchdog, former Reagan budget director David Stockman warned a fiscal bloodbath is in America’s future.

Get out of the stock market. Get out of the bond market and buy some gold.”

Stockman called the stock market “unstable” and “rigged,” and characterized the bond market as a giant bubble. He said when the government hits the debt ceiling later this year, it’s going to create chaos.

There will be panic in the financial markets, I’ll say that, because this is not priced in, in any sense of the word. The market isn’t expecting it. And I think it will cause some very difficult times. I just see no way around it”


Stockman discussed the recent budget deal, noting that the Trump administration got most of the spending increases it wanted, but virtually none of the cuts, “because that’s how Washington works.”

They’re going to raise defense and all the priorities, they’ll cut nothing domestically to march along and raise the budget in lockstep.”

Of course, there is no money.

The whole thing, I think, is headed for a real fiscal bloodbath sometime this summer or fall when they run out of debt ceiling, can’t borrow any more to pay for all of this, use up the cash that’s on the balance sheet right now that they collected from all the taxpayers of America during April, and we’re going to basically be, I believe, in a huge shutdown mode, or showdown, sometime in late summer.”

Stockman also discussed the Federal Reserve and central banks around the world, saying they’re getting to the end of the road.

The Fed has finally run out of dry powder. They are out of the bond buying business. They are even talking about the initiation of the shrinkage of their balance sheet, which clearly needs to happen . . . Everywhere in the world, central banks are finally getting to the end of the road. There isn’t going to be any more money printing, and that’s going to leave a giant mess on the doorstep of all the fiscal authorities. It’s going to make the bond market a particularly dangerous place, because bonds are totally mispriced. There is a $100 trillion global bond market – corporate and government – the biggest bond bubble that’s ever seen.”

So what does Stockman advise?

The advice is get out of the bond market, get out of the stock market, buy some gold. And keep buying gold. Not all at once, but slowly because when the financial system finally unwinds and the monetary authorities are totally discredited, which is, as I say, is coming soon, I think the one hard asset in the world that people have believed in for centuries is going to have another day in the sun…When the panic comes and the stampede into the ultimate safety net or safe-haven occurs, I think the price of gold is going to rise dramatically.”


Get Peter Schiff’s most important Gold headlines once per week click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Peter Schiff: The Fed Is Responsible for the Rise in the Stock Market

Peter Schiff recently appeared on SmallCap Power with Mark Bunting to talk about the stock market bubble. He said it’s the same type of bubble as 2008, only bigger. The source is the same. It’s artificially low interest rates. It’s quantitative easing. The central bank, the Federal Reserve, is responsible for the rise in the […]


Peter Schiff: Fleeing From the Tax Man

As you may know, several years ago, Peter Schiff relocated to Puerto Rico. Have you ever wondered why? What are the advantages? And what can his move teach us more generally about economics and politics? Peter recently appeared on the Puerto Rico ICON Podcast and answers some of those questions.


Peter Schiff: This Is an Inflation-Driven Bubble

The spread of coronavirus in China has made markets jittery. Stocks have gone into a slide and gold has pushed up on safe-haven buying. Last week, Peter Schiff appeared on RT Boom Bust to talk about it. He said that 2020 may well be a bad year for the stock market, but probably not because of […]


Peter Schiff: Gold Goes Through the Roof

On Jan. 19, Peter Schiff did an interview with Daniela Cambone on Kitco News to kick off the Vancouver Resource Investment Conference. Peter said gold is going to go through the roof, and he explained exactly why. He also offered a little historical context. The interview began with a look at recent headlines in the […]


Peter Schiff: Americans Are in for a Rude Awakening

On Jan. 13, Peter Schiff appeared on RT Boom Bust with Bubba Horwitz to talk about the yuan, the dollar, the stock market and the US economy. Peter said the dollar is eventually going to collapse and it’s going to be a rude awakening for Americans. The Chinese yuan has been gaining strength against the […]


Comments are closed.

Call Now