These people never learn. Or they just don’t care.
The Biden administration is reportedly still considering sending out gas rebate cards to help Americans cope with rising gasoline prices. But this kind of government handout is one of the primary reasons we’re suffering through this inflation firestorm to begin with.
There is a meme floating around social media that seems to prove greedy corporations – specifically oil companies – are the root cause of inflation.
How does this meme stack up to reality?
Short answer — it doesn’t.
Last week, I asked the question: is the US undermining the dollar’s credibility?
It appears the answer is — yes.
In another blow for dollar dominance, Saudi Arabia is reportedly considering pricing at least some of its Chinese oil sales in yuan.
President Joe Biden has announced the first round of economic sanctions on Russia as tensions in Ukraine continue to mount. The sanctions came in response to an announcement by Russian President Vladimir Putin recognizing two breakaway republics in Ukraine and his decision to send troops into those regions.
Sanctions are meant to punish Russia, but in his podcast, Peter Schiff explained how these economic moves could also impact the US dollar and create even more inflation.
The markets continue to brace for the Fed’s impending inflation fight. But as Peter explained in his podcast, they’re not bracing for the Fed to lose that fight.
And the Fed is going to lose that fight.
The Federal Reserve released the minutes from its January meeting this week. It featured some pretty thick Fed-speak. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey translates and tells you what the Fed is telling you about inflation. He also talks about why he thinks gold and silver are both struggling in an economic environment that should be bullish for precious metals.
It was another crazy week on Wall Street with a lot more economic doom and gloom, punctuated by a complete meltdown of the oil futures market. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about some of the highlights – or lowlights – but he also injects a little optimism into the conversation and offers some constructive advice.
The price of oil turned negative on Monday for the first time in history.
Of course, that doesn’t mean that somebody will soon pay you to put gas in your car. We’re talking about the price of oil futures contracts. Nevertheless, it does indicate just how out of whack the oil market has become.
Oil prices crashed early this week as Russia and Saudi Arabia launched a full-blown price war. The big drop in the price of oil pulled stocks down yet again, with the Dow Jones losing over 2,000 points. But in an interview on RT, Peter Schiff said he thought the drop in oil would prove to be short-lived because ultimately the dollar is going to collapse.
Government officials and central bankers are in full-blown panic mode.
Stocks crashed again Monday. The Dow Jones was down over 2,000 points, a 7.8% drop. It was the 11th biggest percentage drop in history. The S&P 500 and Nasdaq were also down over 7%.
This time oil was the apparent catalyst for the selloff as Saudi Arabia and Russia launched a full-blown price war. But as always, the apparent cause and the underlying cause are two different things.
