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The US government continues to borrow money at a frenetic pace in order to cover its massive spending spree. It runs huge deficits month after month and there is more spending coming down the pike. The national debt is over $28 trillion and it is about to begin surging upward again. But with the exception […]
Treasury Secretary Janet Yellen did a big flip-flop this week. Her comments and her subsequent attempt to walk them back were telling. She accidentally revealed the ugly truth about inflation and the central bank’s ability to deal with it. In this episode of the Friday Gold Wrap, host Mike Maharrey takes Yellen to task. He […]
Every time the economy gets into trouble, governments and central banks react the same way – they cut interest rates and loosen monetary policy to stimulate borrowing and spending. The idea is that the “stimulus” will increase demand and pull the economy out of trouble. But there is a dark side to this policy – […]
We’ve talked extensively about the growing levels of debt in the economy. The national debt recently eclipsed $28 trillion. Corporate debt was already skyrocketing prior to the pandemic. All of this is driven by loose Federal Reserve monetary policy designed to drive borrowing. And people wonder why Peter Schiff insists the Fed can’t actually let […]
On Wednesday, Federal Reserve Chairman Jerome Powell called for a “society-wide” commitment to reaching full employment, calling for “contributions from across government and the private sector.” He said getting people back to work would require “continued support from both near-term policy and longer-run investments.” He also dismissed concerns about debt saying the focus needs to […]
This year will mark the 50th anniversary of President Richard Nixon severing America – and the world – from its last tie to the gold standard. The rapid devaluing of the dollar is the most obvious result. But another consequence has been an enormous national debt that continues to grow at a staggering pace. Most […]
There were a number of inauspicious records set in 2020 and the impacts will continue to reverberate through the economy in the future. The Federal Reserve created money at a record rate. It also increased its balance sheet to record levels. And not to be outdone, the US government set a budget deficit record. These […]
The year 2020 is coming to a merciful end. As it was with pretty much everything, it was a nutty year for the economy and the precious metals markets. We all hope 2021 will be better, but it seems unlikely that it will be any less nutty. In this special Thursday episode of the Friday […]
So far, the US has escaped negative interest rates as a matter of central bank policy. Back in May, many thought a Fed move to negative rates was a real possibility. Of course, much of the world has operated under negative rates as a matter of policy for years. The European Central Bank (ECB) launched […]
The Dow Jones cracked 30,000 this week and stocks continue to surge generally upward as investors are embracing risk-on sentiment based on high hopes a vaccine may put an end to the coronavirus pandemic. But there’s more to it than that. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a […]
