Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

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”

WATCH

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.”

WhyBuyGoldNowBanner.070815.590

Get Peter Schiff’s latest gold market analysis click here for a free subscription to his exclusive monthly Gold Videocast.
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

A Crash Is Coming, But in Gold We Trust (Audio)

Economist and investor Ronald-Peter Stöferle is bullish on gold. So much so that he’s authored a 160-page report titled “In Gold We Trust.” Stöferle recently appeared on Palisade Radio to talk about the current state of the economy. He said he thinks recession fears coming up within the next couple of months will be the big […]

READ MORE →

Paul Singer: The Financial System Is Not Sound (Video)

Billionaire investor Paul Singer says the financial system is no more sound than it was in 2008. In fact, he contends that in many cases, it is more leveraged than it was leading up to the 2008 crash. During an interview at the Bloomberg Invest New York summit, he pinned the blame squarely on what he […]

READ MORE →

Dr. Doom: The US Economy Is Terminally Sick

man and woman holding a sign that says the end is nearMarc Faber appeared on CNBC Futures Now recently to talk about the impending pop of the stock market bubble. “Dr. Doom” has predicted a 20% to 40% stock market selloff in the near future.The show’s host, along will Scott Nations, pressed Faber on the surging stock market. “If someone piled into stocks in 2012, 2013, 2014 […]

READ MORE →

Comments are closed.

close

Enjoy this blog? Please spread the word :)

Free Newsletter & Notification of Special Deals
RSS Feed
YouTube Channel
YouTube Channel
Google+
Google+
https://schiffgold.com/interviews/david-stockman-get-ready-fiscal-chaos-buy-gold-video