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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.

POSTED ON July 16, 2019  - POSTED IN Key Gold Headlines

US Treasury Secretary Steve Mnuchin said the Trump administration and congressional leaders are getting closer to a deal to raise the debt ceiling.

Meanwhile, the US budget deficit is has increased by 23.1% year-on-year through the first nine months of fiscal 2019.

Mnuchin wants Congress to go ahead and raise the debt ceiling before the August recess because analysts now think the government will hit its borrowing limit earlier than expected.

POSTED ON July 12, 2019  - POSTED IN Friday Gold Wrap

Jerome Powell took center stage this week and the Federal Reserve chair didn’t do anything to dampen expectations of a rate cut. That sent both stocks and gold higher. The yellow metal pushed back above $1,400 after tanking in the wake of last Friday’s June jobs report and stocks swooned. Everybody seems to love Easy Street. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down what the Fed chair said and didn’t say. He also debunks the “there is no inflation” myth and highlights some other interesting news in the gold markets.

POSTED ON September 12, 2017  - POSTED IN Videos

The US national debt officially topped $20 trillion after Pres. Trump signed a bill temporarily raising the debt ceiling limit for the next three months. With his signature, Trump increased the statutory debt by about $318 billion. That raised the US national debt to $20.16 trillion. The debt has increased about $215 billion from around $19.94 trillion since Trump took office.

Ron Paul says the whole debt ceiling issue raises even more fundamental questions about the role of government.

POSTED ON September 11, 2017  - POSTED IN Videos

President Trump wants to scrap the debt ceiling. A lot of pundits and politicos think this is a great idea. Just scan through the mainstream media reporting and you’ll see headlines like this one from New York Magazine. “Trump Wants to Eliminate the Debt Ceiling. He’s Right.

Peter Schiff sees this whole thing in a different light. He believes eliminating the debt ceiling will just push us more quickly down the road to the mother of all dollar bear markets.

Peter built the case for a dollar crash in his most recent Schiff Report video.

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