That’s how long it took to add another $1 trillion to the national debt.
As the stock market reeled, the Federal Reserve cut rates by 50 basis points this week. It was the first time the Fed has cut rates between meetings since December 2008, when it made a similar move in response to the financial crisis. But that wasn’t enough for President Trump. Immediately after the announcement, the president took to Twitter calling for more cuts.
Last week, Peter Schiff gave a speech at the Orlando Money Show and made the case that all the hype about the greatest economy in history is just that – hype. Nobody should be taking credit for the economy. We should be asking who is to blame.
Donald Trump was in Davos talking up the US economy in his typically hyperbolic terms. He called it “the greatest economy we’ve ever had in the history of our country.” To hear the president tell it, you would think that America is experiencing some kind of economic boom that has never been experienced by anybody in all of history. In his most recent podcast, Peter Schiff called this “nonsense.”
Donald Trump and Chinese Vice Premier Liu inked their signatures on the Phase 1 trade deal this week. But was it really a big deal? Or was it no deal? Mike Maharrey talks about it on this week’s Friday Gold Wrap podcast. He also talks about why the gold market seems to be holding steady despite some strong headwinds and the outlook for the yellow metal in 2020.
Donald Trump and Chinese Vice Premier Liu signed the Phase 1 trade deal on Wednesday. The mainstream was generally bullish on the news, but there was some underlying concern because the deal did not bring substantive tariff relief. Peter Schiff broke down the deal in his latest podcast, saying that despite all the hype, the deal was really much ado about nothing.
It was an eventful week as far as news goes, but a rather quiet one in the gold and silver markets. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey covers impeachment and the phase 1 trade deal. He also talks about politicians and their propensity to break things and then woo us with promises to fix them. It’s a little bit like an arsonist coming to the rescue and putting out the fire. Except in the case of government, the fire never really gets put out.
We have a trade deal!
Or do we?
We still don’t have all of the details of the so-called phase 1 deal. From what we know, it appears to be rather limited in scope. The US offered to suspend some tariffs on Chinese goods and cut others up to 50% in exchange for Beijing buying more American farm goods and opening up to US financial firms.
During a recent podcast, Peter Schiff said one thing we know for sure: this isn’t the resolution to the trade war. He called it more of a “truce.”
Peter Schiff recently appeared on Kitco news with Daniela Cambone to talk politics, the economy and the Fed. He said that no matter what Jerome Powell is saying, the Fed central bank isn’t finished with rate cuts.
On Nov. 18, Peter Schiff appeared on RT Boom Bust to talk stock markets, trade war and Federal Reserve policy. He said that right now the Fed is doing a good job stimulating the bubbles, but ultimately, it’s going to end very poorly.
On the trade war front, there seems to be a lot of conflicting information and continual yo-yoing between pessimism and optimism. The Chinese seem less confident while White House economic advisor Larry Kudlow says a deal is close.
Peter said he thinks China is posturing for negotiations.