Monetary Digest, April 1975
Due to our expensive austerity program and realignment of goals in accordance with the changing views in the industry. Certified Mint has been able to lower its prices, effective immediately, on all sorts of products and services.
This means that you’ll be able to get Certified Mint high quality silver bullion and medallions at drastically lower prices. Also, you will be able to get gold coins and pre-1965 U.S. silver coins at lower commissions.
Whenever you’re adding to your precious metals portfolio, you can’t afford not to check our prices.
When you’re ready to place an order, simply call Certified Mint at 800-528-1380. You’ll find our prices lower than ever than ever and our ability to deliver as good as ever. We will welcome your inquiry.
Budget Deficit Growing
It seems that this year’s anticipated budget deficit is growing daily. At the time of his State of The Union address, President Ford indicated a $33 billion deficit for the fiscal year ending June 30, 1975. At the time he also projected $46 billion deficit for fiscal year 1976. Today (and we must hedge this with the statement: “at press time.”) the 1975 budget is anticipated to reach $60 billion and the 1976 budget is anticipated to reach $100 billion.
Frequently, persons friendly to those in the administration placate the American public with such statements as, “These deficits will not be inflationary because they will be during a recessionary period, ” and, “…such borrowing will be good for the economy because private spending will be better off.”
What the government is not telling us is that these huge defecits will fuel the fires of inflation in 1976, 1977, and 1978 like we have never before seen. 12% inflation will look good in the years ahead. Those people who erroneously think that a recession and inflation cannot occur simultaneously will lose billions and billions of dollars in purchasing power before they wake up.
We are in the most serious recession since the Great Depression and many economists maintain that a depression of the magnitude of the 30’s is inevitable. But, the government maintains that printing money can alleviate the problem.
Two informative and very inexpensive weekly publications which you may be interested in subscribing to are The Review Of The News and Human Events. These two publications will keep you informed on political and monetary governmental decisions which literally affect your daily life.
The Review of The News is a weekly magazine which analyzes the news from the conservative point of view. This publication can be had for $10 yearly. The address: 395 Concord Avenue, Belmont, MA 02178.
Human events is a weekly newspaper published in Washington. The subscription rate is $17.50 per year. The address: 422 First St. S.W., Washington, D.C. 20003.
The information you will obtain from these two publications normally cannot be found in daily newspapers or heard on evening news programs. We urge you to subscibe to both of these publications.
In spite of the now acknowledged recession, consumer prices have continued to rise. During February, as measured by the Consumer Price Index, Prices rose .7 of 1% or 8.5% on annualized basis. Officially, it now takes $1.57 to purchase what $1 purchased in 1967.
Interestingly enough, this time last year we were all concerned with inflation and when it was going to stop. But now, we have had nearly a year of the press telling us that depression is the problem, not inflation. And, we have come to believe, erroneously, that a recession will cure inflation. However, there are many countries which suffered both a depression and inflation simultaneously.
Lower prices, or a decline in the rate of inflation, is what we would all like to see. However, the government is moving to support some prices, i.e. meat and milk. As consumers, we want to see prices come down. But the government, making politically expedient decisions, want to see prices of certain commodities maintained. What is one man’s price is another man’s cost. Apparently the politicians are hoping that consumers will not notice what’s happening.
Arthur Hailey, author of the best sellers Wheels and Airport, recently announced that as a result of the research he did for his recently released book, The Money Changers, he has changed his views on economics and money.
The Money Changers is a story of the men on the street overloaded with debt, thanks to bank credit cards, of big banks using investors’ money for corporate favors, of run-away inflation, bankrupted corporations, and busted banks. Ironically, Mr. Hailey conceived and researched his book in 1971, long before inflation became enemy number one. In an interview in Chicago recently, Mr. Hailey was quoted, “I learned how vital the money system is. Money is more important than bread and the money system is in an appalling state of disrepair.”
We hard money advocates welcome all converts, especially influential writers. But Mr. Hailey has a lot more to his credit than just recognizing the problem. When interviewed in Chicago, he was en route to Zurich “on personal business. Mr. Hailey recognizes the problem and is taking positive action!
“He who recognizes an economic trend the earliest, and acts accordingly, benefits the most, or suffers the least.”
A proposal getting attention in Congress is Utility Stamps for low income families and elderly people. The program will be aimed to help the needy pay heating and lighting bills, just as food stamps now help pay grocery bills.