You can stop looking now. It took 10 years but somebody finally found the treasure.
The Federal Reserve met this week and promised to keep pumping out monetary stimulus indefinitely. Meanwhile, the US government added another trillion dollars to the national debt in just 35 days even as the president and congressional leaders talk about more fiscal stimulus. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about the ramifications of all this endless stimulus and reminds us that what can’t go on forever, doesn’t. He also covers the week’s ups and downs in the gold market and reveals that the May unemployment report appears to be fake news.
On Tuesday, the national debt pushed above $26 trillion.
Just 35 days ago, the debt eclipsed $25 trillion. And 28 days before that, the national debt stood at a mere $24 million.
Despite the better than expected employment report last week and constant chatter about a quick economic recovery, the Federal Reserve has no intention of rolling back what Peter Schiff called its “monetary Hail Mary.”
Gold is serving as a lifeline for beleaguered Indians in the midst of severe credit crunch.
The government response to the coronavirus pandemic has ravaged the Indian economy. As a result, many banks are reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians are using their stashes of gold to secure loans.
Peter Schiff has been warning that that real crash will be a dollar crash. Now, some people in the mainstream are starting to sound that alarm as well.
Even before the coronavirus pandemic, Peter was warning about the dollar’s demise. During an interview on RT last September, he warned that America’s “fiscal profligacy” was going to sink the dollar.
The pace has slowed somewhat this year, but central banks are still buying gold, and the World Gold Council expects central bank demand to continue over the next 12 months.
In April, central banks globally added another net 31.6 tons of gold to their reserves, despite Russia following through on its commitment to suspend its buying program.
Peter Schiff recently appeared on Mark Dice’s show to talk about the looming financial crisis. Peter explains why a dollar crash is on the horizon and what the average person can do to keep from getting wiped out by the inflation tax.
In the months leading up to the 2008 financial crisis, Peter warned it was looming. Today, he is warning about the far greater financial crisis that is going to finally result from the giant bubble that the Federal Reserve and government policy pumped up in the aftermath of ’08.
The markets were giddy Friday after a much better than expected jobs report boosted optimism for a quick v-shaped recovery as the economy opens back up. But in his podcast Friday, Peter Schiff poured some cold water on this notion. He said given the amount of stimulus that the Federal Reserve and the US government have pumped into the economy, unwinding it all will be mission impossible.
