Federal Finances | CMI Gold & Silver - Part 8
Sunday, May 29th, 2022 MST

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Category: Federal Finances

US debt not a “mere” $16 trillion

According to a Wall Street Journal article last week, the national debt is not $16 trillion but is closer to $87 trillion because of unaccounted for government liabilities. Bill Archer and Chris Cox, two former member of the House of Representatives and members of President Clinton’s 1994 Bipartisan Commission on Entitlement and Tax Reform, say

The madness of markets – US Treasuries vs. gold

Memoirs of Extraordinary Popular Delusions and the Madness of Crowds is the classic text from 1841 by Charles Mackay that addresses the mass psychology that enables financial bubbles and their inevitable collapses.  The entire book is available here as a free pdf in the Essential Readings section of the site.  Grant Williams follows this theme

Meet the blogger who may have just saved the US economy

Meet the blogger who may have just saved the US economy. Yes, that’s the title of a blog celebrating Bentley University professor Scott Sumner’s championing of the latest and greatest Keynesian scheme to steal from the middle class. He calls it Nominal GDP targeting, but at this point it’s more like looting a burning building.

So many fallacies. So little time.

There’s an interesting interview with Marshall Auerback of Pinetree Captial Management posted over on Mineweb.com. It’s interesting not because of any particular subject matter, but rather the complete contradictions presented therein. The first half consists of a well-reasoned case for owning gold and why it is being remonetized in an overextended financial system. By contrast, the second half is a fallacy laden justification of many of the failed policies that are driving people to own gold.

The federal budget cannot be balanced

I’m always amazed at the number of people I meet who believe that Washington DC will still get its spending under control, that it’s just a matter of getting the right person, or the right party, into office and disaster will be averted. Or, that when we finally hit a real crisis, politicians will do the right thing – which is, incidentally, the complete opposite of what they’ve been doing for the last 100 years. Those are long odds if you ask me.

Paul Krugman reveals how much spending is too much

Recently, on CNBC’s Squawk Box, Paul Krugman ran into some surprisingly strong skepticism about his calls for more government spending. It was clear from the onset that no one was buying into the Keynesian philosophy that infinite government spending will save us all. It wasn’t easy, but the interviewers finally managed to tie him down as to how much spending is too much.

QE3 is a given

Notable mainstream economists and influential policy makers are calling for more quantitative easing, so many that QE3 is a given.  Officially, it will be QE3, but in actuality it will be QE4 because “Operation Twist” is quantitative easing with another name.  One important voice now calling for another round of QE is no less than