Only in Washington DC could a group of politicians pass a massive spending bill that will likely require more currency creation and call it an “Inflation Reduction Act”.
Using the longstanding and widely accepted definition of recession, the United States now finds herself smack in the middle of one.
This week in “Portfolio Watch”. I’m going to discuss a topic that I am often asked about; that is the manipulation of the precious metals markets. More specifically, are the prices of precious metals manipulated?
Ironically, the painful deflationary period will probably not be avoided. In fact, we may be witnessing the onset of such a period presently. Stocks are down significantly year to date and I believe real estate will soon follow.
The reality of the current economic situation no matter what the week-to-week market numbers might say is that there is too much debt in both the private sector and on the public balance sheet to ever be paid with ‘honest’ money.
Only politicians and members of the Federal Reserve Board are suggesting that we will not see a recession. If history teaches us anything about the prognostications of politicians and policymakers it is that these are attempts to control or direct the narrative rather than being legitimate forecasts.
Russia gets to keep her gold and will not be allowed to exchange her gold for devaluing US Dollars. That’s punishment?
Private sector debt levels are about the same as when the Great Depression began but US Government debt is about 8 times greater when measured as a percentage of GDP.