Could Trump be facing his own Watergate?
The president’s firing of FBI director James Comey in the midst of probes into the administration’s possible connections with Russia set off a political firestorm. There has even been talk of impeachment in recent weeks.
While at this point, much of the rhetoric spinning around the Beltway is political in nature, the controversy surrounding the administration still spells trouble for Trump. Even if there is no fire burning underneath the smoke, political opponents will undoubtedly leverage the chaos to slow the administration’s agenda.
Everything is better when it’s dipped in gold!
So, how about a $1 million gold toilet?
The rapper Birdman has one. He posted a photo of it on Instagram.
And that’s just one of the crazy things coated in gold recently highlighted on CNBC’s “The Filthy Rich Guide.”
Remember tax reform?
It seems like a lifetime ago. But it was just last month that the Trump administration rolled out its ambitious tax reform plan. The single-page blueprint was really more of an outline and offered little in the way of specifics. Still, it sparked hope that Republicans would push forward with significant tax reform this year.
Since then, we’ve heard pretty much nothing. Talk of significant tax reform got sucked into a black hole of FBI director firings and Russia probes. In fact, many analysts are starting to doubt Republicans will be able to get tax reform done at all.
Bills are moving forward in several states that would support gold and silver and ultimately help undermine the Federal Reserves monopoly on money.
Legislation that would eliminate state capital gains taxes on gold and silver specie is sitting on Arizona Gov. Doug Ducey’s desk waiting for his action.
Rep. Mark Finchem (R-Tucson) introduced HB2014 earlier this year. The legislation would eliminate state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content.
In effect, passage into law would “legalize the Constitution” by treating gold and silver specie as money.
Minneapolis Fed President Neel Kashkari said the central bank should keep the bubbles inflated.
OK, he didn’t say that exactly. But that was the message reading between the lines of a speech Kaskari delivered this week. Specifically, the Minneapolis Fed president said the Federal Reserve should not raise interest rates in an effort to prevent bubbles.
Given the challenges of identifying bubbles with any confidence and the costs of making a policy mistake, I believe the odds of circumstances ever making sense to use monetary policy to try to slow asset prices down are very low. I won’t say never—but a whole lot of evidence would have to line up just right for it to be the prudent course of action.”
The former Goldman Sachs Group executive was the lone dissenter when the Fed raised interest rates in March.
Dan Kurz is a CFA with over two decades experience working in Zurich, Switzerland as a thematic strategist for Credit Suisse CIO Office. Dan’s site, DK Analytics, offers deep and broad analysis at the macro and micro level.
Economic growth came in at a tepid 0.7% in the first quarter of 2017. Nevertheless, officials at the Federal Reserve continue to insist the economy is strong. They held interest rates steady in April, but insisted hikes were still on the table. In fact, the Atlanta Fed forecast Q2 growth to come in at over 4%.
Peter Schiff called the Atlanta Fed’s prediction “crazy,” nothing that they are starting out with a much higher estimate for Q2 than they had in Q1, despite having all of this information about how weak the economy was in Q1 that they didn’t have a few months ago.
And that’s the crux of the matter. The actual economic data doesn’t support the economic optimism, nor the Fed’s monetary policy. In this in-depth analysis of the current economic and policy climate, Dan Kruz makes a strong case against the policymakers’ optimism.
Have you noticed it’s always the weather?
Tucked away in virtually every story reporting negative economic news, you will find some reference to the weather. It was too hot. It was too cold. It was too wet. It was too dry. To hear the mainstream media tell it, Mother Nature is the single most important driver of the US economy.
The United Arab Emirates hopes to build the first city on Mars by 2117. If Franziska Apprich, PhD has her way, travelers to the red planet will chew silver-imbedded gum during the trip.
Apprich serves as an assistant professor at Canadian University Dubai. In a partnership with a colleague at New York University, she created a product she has dubbed “UAE Space Gum.”
Wrapped in star-shaped silver packaging, the gum is formulated to boost immunity and fight infection. It contains natural gum, silver particles, date paste, honey, and vitamin C.
In an effort to bring order to India’s gold market, the government has partnered with the World Gold Council to create a physical spot-gold exchange. According to Bloomberg, it could be up and running as soon as next year.
The move toward an India spot-gold exchange is part of a broader bullion industry self-regulation effort gaining steam in one of the world’s leading gold markets. Last month, three committees formed – one to study a gold trade code, one to formulate good delivery rules, and a third to explore a spot exchange. The committees were born out of a meeting that included business chambers, the World Gold Council, banks, the Indian Bullion and Jewellers Association (Ibja), and the India Gold Policy Centre at IIM-Ahmedabad.
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”
