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POSTED ON November 8, 2021  - POSTED IN Exploring Finance

After all the drama, Congress finally did what everyone knew it would do.  It raised the debt ceiling by $480 billion in October. The Treasury wasted no time and quickly added $480 billion to the national debt in the second half of the month.

With this new debt tagged on, if the Fed has to raise rates to 6% to fight inflation, it would increase interest costs by $250 billion within 6 months and nearly $1 trillion within a few years. This is why the Fed must tell everyone that inflation is transitory.

POSTED ON October 19, 2021  - POSTED IN Videos

We have a temporary truce in the debt ceiling fight. On Thursday, President Biden signed a bill increasing the federal debt limit by $480 billion. But this isn’t an end to the debt ceiling fight. Congress just kicked the can down the road. The increase is only expected to keep the US government solvent until Dec. 3.

As Peter Schiff explained in this clip from his podcast, the debt ceiling has turned into a debt floor.

POSTED ON October 8, 2021  - POSTED IN Friday Gold Wrap

Inflation continues to run hot. Even some of the folks over at the Fed are having a hard time peddling the “transitory” inflation narrative. But politicians and government officials lack the skill of self-reflection. As a result, they can’t clearly see the problem. In this episode of the Friday Gold Wrap, host Mike Maharrey looks at some of the latest inflation data and the Fed’s response to it. He also touches on the fake debt ceiling fight and breaks the September job report numbers.

POSTED ON September 9, 2021  - POSTED IN Exploring Finance

The Treasury bumped up against the debt ceiling at the end of July. Since then, it has been using “extraordinary measures” to allow the Government to keep hemorrhaging cash without having to increase the debt ceiling.

The chart below shows the month-over-month change in debt for August equal to $0. Despite zero net change, there are two important facts to highlight.

  • The Treasury continued converting short term debt to long term
  • Nonmarketable debt holdings shrunk by $257B
POSTED ON July 23, 2021  - POSTED IN Friday Gold Wrap

Pop some popcorn. It’s time for some political theater. Congress is gearing up for another debt ceiling fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharey gives you a preview of the next big Washington DC blockbuster production, complete with some debt ceiling history and an explanation as to why we shouldn’t need one. Maharrey also covers retail sales, inflation and the latest movement in the gold market.

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