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The US government ran a surplus in April, as it generally does in tax return month. But federal tax revenues collapsed year-on-year and the fiscal 2023 deficit is still close to $1 trillion despite the small April windfall.
Peter Schiff recently appeared on Real America with Dan Ball to talk about the ongoing banking and financial crisis. Peter emphasized that the Federal Reserve and the US government are trying to fix a problem that they caused. And their cure is going to unleash an inflation tsunami.
After pulling back slightly in February, Americans went back to borrowing on credit cards in March — despite record-high interest rates. This indicates that consumers continue to struggle to make ends meet in this deteriorating economy. It also reveals that the Fed’s monetary tightening is not cooling spending as promised.
The Federal Reserve raised rates yet again during its May FOMC meeting. Now everybody is trying to decipher the messaging coming out of the Fed to figure out what’s next. But what if the words Powell and Company are saying don’t really matter? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey […]
Is the rate hike pause in play? That question remains up for debate after the May Federal Reserve Open Market Committee meeting. But when you break it all down, the underlying economic reality is far more important than the messaging coming from Powell and Company. And the underlying economic reality is that inflation isn’t beat […]
The failure of First Republic Bank reveals that the banking system isn’t nearly as sound as Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell would have us believe. But as Peter explained in a recent podcast, it’s not just the banking system that’s messed up. The Fed has screwed up everything that is […]
Treasury Secretary Janet Yellen keeps insisting that the banking system is “sound.” Is it though? Because it doesn’t look particularly sound. In fact, we just witnessed the second-largest US bank failure ever.
American consumers continued to pile on debt in February, but the pace of borrowing slowed significantly, another sign the economy could be heading toward a recession. Overall, consumer debt grew by $15.3 billion in February, a 3.8% annual increase, according to the latest data from the Federal Reserve. That compares with an upwardly revised 19.5 […]
In the week before it raised interest rates another 25 basis points to fight inflation, the Federal Reserve added more than $94 billion to its balance sheet. This was on top of the nearly $300 billion it piled onto the balance sheet in the first week of its bank bailout. The balance sheet reveals that […]
The Federal Reserve added nearly $300 billion to its balance sheet in a single week as it kicked off its loan bailout program for banks. In effect, the Fed loaned troubled banks $300 billion of new money that was created out of thin air. In other words, we got $300 billion in inflation in a […]
