President Donald Trump will have the opportunity to mold the Federal Reserve in his own image. But what that will look like remains to be seen.
As Jim Rickards points out, Trump will appoint a higher percentage of the Fed’s board of governors than any president since Woodrow Wilson chose the original board.
The US national debt officially topped $20 trillion after Pres. Trump signed a bill temporarily raising the debt ceiling limit for the next three months. With his signature, Trump increased the statutory debt by about $318 billion. That raised the US national debt to $20.16 trillion. The debt has increased about $215 billion from around $19.94 trillion since Trump took office.
Ron Paul says the whole debt ceiling issue raises even more fundamental questions about the role of government.
President Trump wants to scrap the debt ceiling. A lot of pundits and politicos think this is a great idea. Just scan through the mainstream media reporting and you’ll see headlines like this one from New York Magazine. “Trump Wants to Eliminate the Debt Ceiling. He’s Right.”
Peter Schiff sees this whole thing in a different light. He believes eliminating the debt ceiling will just push us more quickly down the road to the mother of all dollar bear markets.
Peter built the case for a dollar crash in his most recent Schiff Report video.
July was a good month for gold.
The yellow metal was up 2.1% on the month, driven in large part by a weakening dollar and political uncertainty in the US. It was the strongest month for gold since February.
The price hit $1,270.98 on July 31, the highest level since mid-June.
Over the last several years, mainstream analysts have built a wall of optimism about the US economy. “Everything looks great,” they say. “Look at the jobs numbers!” “Look at the stock market!”
A number of contrarians have said things aren’t so great and a massive crash is on the horizon. The mainstream has pretty much ignored the naysayers. But a recent report by the International Monetary Fund shows some cracks in the wall of mainstream optimism. And in the current political climate, it may not take much to cause the wall to crumble down.
US Commerce Secretary Wilbur Ross poured a bucket of cold water on promises of robust economic growth in the first year of the Trump administration.
Trump set a goal of 3% GDP growth for 2017, but Ross said “it’s certainly not achievable this year, ” during an interview with Reuters. The commerce secretary blamed slow implementation of Trump’s economic agenda for putting a damper on growth projections.
The Congress has been slow-walking everything. We don’t even have half the people in place.”