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POSTED ON May 5, 2020  - POSTED IN Key Gold Headlines

Welcome to your future. Your government is spending it right now. And your children’s and grandchildren’s future to boot.

The US Treasury plans to borrow $2.99 trillion in the second quarter. The Treasury also plans to borrow another $677 billion in the July-September quarter, bringing the total fiscal 2020 debt to $4.48 trillion.

It’s a level of borrowing that’s difficult to even wrap your head around.

POSTED ON April 27, 2020  - POSTED IN Peter's Podcast

It seems like everybody is getting a bailout right now. The government is handing out money it doesn’t have left and right. This is all justified because of coronavirus. Even conservatives who normally oppose government bailouts have jumped on the stimulus train. “This is a crisis!” they cry. The government has to step in. But as Peter Schiff explains in his podcast, the government crippled the economy in the first place. A government crutch isn’t the solution to the problem.

POSTED ON March 12, 2020  - POSTED IN Key Gold Headlines

The US is heading for economic lockdown as the impact of the coronavirus grows. To cope with the crisis, President Trump has promised fiscal stimulus. The actual plan remains unclear, but the Trump administration has floated a reduction in payroll taxes, along with bailouts and loan guarantees for struggling industries. While the details are murky, one thing is certain — it will cost billions of dollars.

Meanwhile, the US government is already living far above its means. Uncle Sam recorded another massive budget deficit of $235 billion last month, according to the latest Treasury Department report.

POSTED ON February 6, 2020  - POSTED IN Key Gold Headlines

Last October, the Federal Reserve relaunched quantitative easing. Of course, Fed Chairman Jerome Powell insists it’s not quantitative easing. But as Peter Schiff pointed out in a recent tweet, that debate is really just semantics.

The argument over whether the current Fed balance sheet expansion constitutes QE is pointless. QE was always just a euphemism for debt monetization. The Fed monetized debt in the past, its monetizing more debt in the present, and it will monetize even more debt in the future!”

POSTED ON January 29, 2020  - POSTED IN Key Gold Headlines

The CBO projects the federal government will run massive budget deficits into the foreseeable future and says the ballooning national debt poses “significant risk” to the economy and financial system.

According to the CBO, the federal budget shortfall will hit $1.02 trillion in FY 2020 and rise into the foreseeable future. Deficits will average $1.3 trillion per year between 2021 and 2030 and top $1.5 trillion by the end of the decade. The CBO projects cumulative deficits over the next decade to total $13.1 trillion.

POSTED ON January 17, 2020  - POSTED IN Friday Gold Wrap

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.

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