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Tag Archives: Debt

Stimulus Check Run Out; Americans Whip Out Their Credit Cards

What do you do when that stimulus money runs out? You whip out the credit card.Consumer debt was up 10% in May, according to the latest data from the Federal Reserve, and we saw a big jump in credit card balances for the first time since February 2020.Americans collectively now owe $4.28 trillion in consumer debt after a $35.3 billion increase in May.The Federal Reserve consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage...

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The Fed Is Doing a Lot of Talking But What Is It Actually Doing?

The markets have obsessed over what the Fed is saying while almost completely ignoring what it’s actually doing.After the June FOMC meeting, markets reacted to the hint that the Fed might start raising interest rates in 2023 instead of 2024. But of course, it didn’t move rates up from zero. And while the Fed apparently talked about talking about tapering its quantitative easing bond-buying program, it continues to expand its balance sheet at a torrid pace.Earlier this month, the Fed...

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More Government Debt Means Less Economic Growth

The US government continues to borrow money at a frenetic pace in order to cover its massive spending spree. It runs huge deficits month after month and there is more spending coming down the pike. The national debt is over $28 trillion and it is about to begin surging upward again. But with the exception of a few contrarians, most people don’t worry about the national debt. The conventional wisdom seems to be that since none of the doomsday predictions about skyrocketing debt haven’t...

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The Great Inflation Debate (Video)

Is inflation “transitory,” the result of a quickly recovering post-pandemic economy as Jerome Powell insists? Or is it a long-term phenomenon resulting from loose monetary policy that’s not about to abate anytime soon? Peter Schiff recently participated in the “great inflation debate” on RT’s Cross Talk with Peter Lavelle, along with American Institute for Economic Research economist Pete Earle and Renaissance Capital economist Sofia Donets.Peter Schiff opened up the...

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Yellin’ at Yellen: SchiffGold Friday Gold Wrap May 7, 2021

Treasury Secretary Janet Yellen did a big flip-flop this week. Her comments and her subsequent attempt to walk them back were telling. She accidentally revealed the ugly truth about inflation and the central bank’s ability to deal with it. In this episode of the Friday Gold Wrap, host Mike Maharrey takes Yellen to task. He also talks about the recent rally in both gold and silver.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled...

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Government and Central Bank Medicine Makes the Economy Sicker

Every time the economy gets into trouble, governments and central banks react the same way – they cut interest rates and loosen monetary policy to stimulate borrowing and spending. The idea is that the “stimulus” will increase demand and pull the economy out of trouble. But there is a dark side to this policy – debt. And debt is slowly poisoning the economy.We’ve seen this clearly during the coronavirus crisis. The Fed immediately cut rates to zero and launched quantitative easing....

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Peter Schiff: The Federal Reserve Has Handed the US Government a Blank Check

On Wednesday, Federal Reserve Chairman Jerome Powell called for a “society-wide” commitment to reaching full employment, calling for “contributions from across government and the private sector.” He said getting people back to work would require “continued support from both near-term policy and longer-run investments.” He also dismissed concerns about debt saying the focus needs to be on the economy’s immediate needs. As Peter Schiff put it in his podcast, Powell handed the US Treasury a...

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Nixon Closed the Gold Window and All I Got Was This Lousy National Debt

This year will mark the 50th anniversary of President Richard Nixon severing America – and the world – from its last tie to the gold standard. The rapid devaluing of the dollar is the most obvious result. But another consequence has been an enormous national debt that continues to grow at a staggering pace. Most people don’t realize it, but this is a direct and intentional result of the current fiat money system.In 1971, Nixon put the final nail in the coffin of the gold standard, but...

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The Perfidious Effects of Money Printing

There were a number of inauspicious records set in 2020 and the impacts will continue to reverberate through the economy in the future.The Federal Reserve created money at a record rate. It also increased its balance sheet to record levels. And not to be outdone, the US government set a budget deficit record.These three records were actually linked. The money printing and expansion of the Fed balance sheet were necessary to monetize the massive federal debt. And there is no sign that...

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Peace Out 2020! SchiffGold Friday Gold Wrap Dec. 31, 2020

The year 2020 is coming to a merciful end. As it was with pretty much everything, it was a nutty year for the economy and the precious metals markets. We all hope 2021 will be better, but it seems unlikely that it will be any less nutty. In this special Thursday episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a look back at 2020 and speculates on what could lie ahead in 2021. The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals...

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