I’m not fond of recommending videos, especially long videos. However, this video interview of David Stockman, Budget Director during the Reagan Administration, is well worth the time.
Stockman reminds us of problems and developments that are being ignored. For example, Obama and Congress made a deal years ago to suspend the debt limit until March 15, 2017. That’s right, there was no debt ceiling during the last years of the Obama administration, but now the deadline is on us. Let’s see what the Trump administration does.
Stockman also predicts that
* the stock market will collapse
* US official debt is 106% of gross domestic product and is unsustainable
* there is a build-in $10 trillion deficit over the next ten years
* markets are not even remotely ready for maelstrom that is coming
* the “recovery” since the World Financial Crisis of 2008 is phony, the only recovery being in the financial markets, with main street being left behind
* there’s a massive reset of financial values coming
* central banks have failed completely
* the gold market is tiny compared with the financial markets and that even a small shift to gold will be significant
* all investors should be long gold.