Herbert Hoover’s name is generally held with derision because he is blamed for the Great Depression. However, here’s one HH statement that all should agree with: “We have gold because we cannot trust governments.” Basically, a gold standard fails as a monetary system because the government is involved.
The U.S. student load system is broken. Borrowers currently owe more than $1.5 trillion, an average of $34,000 per borrower. Over two million of them have defaulted on their loans in just the past six years, and the number grows by 1,400 a day. The federal government now acknowledges that taxpayers stand to lose $31.5
In the first seven months of this fiscal year, the federal budget deficit grew 38% over the same period last year. The Treasury ran a $541 billion deficit from October through April, compared with $385 billion during the same period a year earlier. Part of the increase was attributable to a shift in the timing
Supposedly, the White House is about to promise a balanced budget by 2034. I’ve been down that road many times in my 45 years of monitoring federal budgets, and it never happens. Making this promise even more ridiculous is that it is based on a projected GDP growth of 3% for the next 15 years.
The Fed (specifically, FOMC: federal open market committee) has been manipulating interest rates for decades. David Stockman says since 1973, which was only two years after Nixon “closed the gold window.” With the Treasury no longer having to redeem dollars in gold, massive dollar printing began, first in small amounts (millions) but by 2008 in
Worldwide demand for gold rose 6.2 tons year-over-year in Q3, led by robust central bank buying of 148.4 tons, the highest level of quarterly new purchases since 2015, reports the World Gold Council. Bar and coin demand by individual investors climbed 298 tons.
For decades, politicians have lied to the American people about the status of the Social Security Trust Fund, asserting that incoming taxes are more than adequate to pay benefits for years to come. Now, the latest Trust Report shows that the Fund will be exhausted three years earlier than last year’s projection and more that
… says Daniel Arbess, CEO of Xeriorn Investments, in a recent Wall Street Journal op-ed. The essence of his article is that debt crises take place when markets underwrite and buy too much bad debt and that the fixes for the 2008 World Financial Crisis (WFC) was the piling on of still more debt. The
Silver has hit $50 twice in my 45 years in precious metals bullion business, January 1980 and April 2011. Both times would have been excellent times to have sold. I did not see either and was not a seller. What will be the right move the next time silver hits $50, sell or hold?
Alan Greenspan, Federal Reserve chairman 1987 – 2006, says unfunded entitlement programs are the biggest threat to the dollar. Before discussing how to rectify this problem, consider just how big this problem is.