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Tag Archives: economy

Feds Run Second-Biggest Budget Deficit in History; Spending Up from 2020 Record

The federal budget deficit for fiscal 2021 came in at $2.77 trillion. It was the second-largest deficit in US history, coming in behind last year’s $3.13 trillion shortfall. Despite falling shy of the deficit record, Uncle Sam spent even more money in 2021 than it did during the depths of the 2020 coronavirus recession.The US government managed to run yet another massive deficit during fiscal 2021 despite increased tax receipts as the economy began to recover after last year’s COVID-19...

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Ask Mike Anything: SchiffGold Friday Gold Wrap Oct. 22, 2021

In this episode of the Friday Gold Wrap podcast, host Mike Maharrey answers listener questions. Some of the topics covered include bitcoin, fractional reserve banking, the silver/gold ratio, gold as a safe haven, precious metals in a crisis, and more. The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes and Stitcher.Tune in to the Friday Gold Wrap each week for a...

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Peter Schiff: Transitory Permanence

The inflation that we were emphatically told would be transitory and unmoored continues to persist and entrench. As the troubles gather momentum Washington is doing its best to ignore the problem or actively make it worse.The latest batch of data shows that the Consumer Price Index rose 5.4% in September, the 5th consecutive month that year over year inflation came in at more than 5%. The figure rises to 6.5% if we project the inflation levels of the first 9 months of 2021 to the entire...

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Stagflation Warning: Atlanta Fed GDP Estimate at 0.5%

As governments shut down the economy in response to COVID-19 and the Federal Reserve put money printing into hyperdrive, we warned that it was a recipe for stagflation. Today, it looks like stagnation is here.Stagflation is an economic environment with rapidly rising prices, a weak labor market, and low GDP growth. It’s looking more and more like we have all three elements.We’ve primarily focused on the inflationary aspect of stagflation. There is no denying that prices are rising...

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Peter Schiff: Stock Up Now! Inflation Could Get Very Ugly

The price of pretty much everything is rising precipitously. The CPI for September came in above expectations with a month-on-month increase of 0.4%. Peter Schiff appeared on Unfiltered with Dan Bongino to talk about inflation in Joe Biden’s America. Peter said you should stock up now because things could get ugly really quickly.Bongino pointed out that while wages are rising, they aren’t rising as fast as prices. Wages have risen 4.6% while inflation has surged by 5.4% — according to...

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Neil Howe On The Fourth Turning: What Will Happen Next?

They say that history rhymes.  That civilizations and societies tend to follow cycles — boom/bust, feast/famine, war/peace, cultural experimentation/a retrenchment to the “old ways”. Famed demographer Neil Howe, the author of the best-selling book The Fourth Turning, lays out his prediction that today’s society has entered the “bust” part of our current cycle — where the status quo falls apart, often chaotically — to be replaced by a new, hopefully better, order.What should...

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Pick Your Poison: SchiffGold Friday Gold Wrap Oct. 15, 2021

Last week’s jobs numbers came in weaker than expected. September’s CPI came in hotter than expected. That puts the Federal Reserve between a rock and a hard place. Does it tighten monetary policy to fight inflation? Or does it keep stimulating to boost the economy? In this episode of the Friday Gold Wrap, host Mike Maharrey breaks down the data and says it’s about time for the central bank to pick its poison.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s...

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Peter Schiff: Non-Transitory, Worse Than Expected Inflation

September CPI came in above expectations. At this point, even the central bankers at the Federal Reserve are having a hard time sticking to the “transitory inflation” narrative.In his podcast, Peter Schiff talked about the CPI report. He said it reveals that we’re entering an inflation super-cycle and perhaps the markets are starting to figure this out.Peter called this the “government report card on inflation,” noting that it’s not particularly reliable because the government is grading...

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Ron Paul: This Is the Biggest Fed Scandal

There was a recent scandal at the Federal Reserve when information came out revealing that several central bank officials made multiple multimillion-dollar stock trades in 2020 even as the Fed was putting its big fat thumb on the economic scales. But as Ron Paul points out, there’s an even bigger scandal over at the Federal Reserve and it’s a matter of policy. The Fed’s manipulation of monetary policy and the broader economy impoverishes ordinary Americans, even as it enriches the elites,...

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A Messed Up Economy: Jobs Edition

Government policies – from shutdowns, to stimulus, to vaccine mandates – in response to the coronavirus pandemic have thrown the US economy completely out of whack. Looking at employment reveals just how messed up the economy has become.The number of Americans quitting their jobs surged to a record high in August. According to the Labor Department Job Openings and Labor Turnover Survey (JOLTS) report, job quits increased by 242,000 in August, pushing the total to a record 4.3 million. The...

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