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 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: Why the Fed Won’t Be Able to Rescue the Economy the Next Time Around

Peter Schiff has been saying that the Federal Reserve is going to take interest rates back to zero and launch another round of quantitative easing in order to reinflate the bubble economy after the next crash. The central bank successfully pulled this off after the 2008 crisis. By dropping rates to zero and holding them […]

READ MORE →

David Stockman: We’re in the Mother of All Bond Bubbles

A couple of weeks ago, the yield on the 10-year Treasury fell below the yield on the 2-year for the first time in 12 years. This inversion of the yield sparked recession fears in the mainstream. But in an interview with Tom Woods on Contra Krugman, former Reagan administration Office of Budget Management Director  David […]

READ MORE →

Dr. Marc Faber: We Are Probably Already In a Recession

Not too long ago, Peter Schiff said, “The rate hikes of the past have already guaranteed that the economy is headed for recession. It doesn’t matter whether they continue to raise rates in the future. The recession is a done deal.” In a recent interview, economist and editor of the Gloom, Boom and Doom Report,  […]

READ MORE →

Tom Woods and Joseph Salerno Discuss Economist and Political Philosopher F.A. Hayek (Audio)

If you have studied economics at all, or if you are interested in conservative/libertarian political philosophy, you have probably heard of F.A. Hayek. Hayek won the Nobel Prize in 1974 and wrote prolifically on both economic and non-economic topics. He’s probably best known for his book “A Road to Serfdom.” Tom Woods recently interviewed economist Joseph Salerno about […]

READ MORE →

Peter Schiff Takes on a Republican Strategist on Trumpanomics

On the Aug. 10 edition of Countdown to the Closing Bell on Fox Business, Peter Schiff faced off against Republican strategist Kevin Paul Scott to debate the success of Trumpanomics. Liz Claman started the segment  touting the “great jobs numbers.” So, has Peter jumped on the Trump economic bandwagon? Not at all.

READ MORE →

Comments are closed.

Call Now