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Tag Archives: Federal Reserve

Who Is Buying All This US Government Debt?

The national debt pushed above $26 trillion last week. In just a little over two months, the US government has added over $2 trillion to the debt. The budget deficit has already set an all-time record with four months left in the fiscal year. In April, the US Treasury sold $1.287 trillion in additional US debt.So, who is buying all of this debt?Foreign investors are actually shedding US Treasuries. According to the latest data, “foreign official” holders, including central banks and...

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The Fed’s Open Mouth Operations

On Tuesday, Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs. It was classic Fed “open mouth operations” as Powell tried to talk up the central bank’s policies and assure everybody that everything is under control. But is it, really?Peter Schiff hit some of the highlights of Powell’s testimony during his podcast.Earlier this week, the Federal Reserve announced that it would begin buying individual...

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The Fed To Begin To Buy Corporate Bonds!

A Pfennig For Your Thoughts June 16, 2020 * Currencies win back some lost ground from last week * Gold fights back!  Good day… And a Tom Terrific Tuesday to you! Another Chamber of Commerce day here where I live the summer and fall… Before I go ballistic today, I want send a great BIG Shout Out to my former colleague, and the guy I consider to be my metals guru, Tim Smith, who along with his wife Nicole, welcomed their first born into the world on June 3rd… Tim and Nicole are very happy...

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Fed Ups Stimulus Ante, Now Buying Individual Corporate Bonds

Just when you thought the Federal Reserve couldn’t possibly stimulate any more, it launches a new stimulus program.On Monday, the central bank announced it would begin buying individual corporate bonds through its so-called Secondary Market Corporate Credit Facility (SMCCF).This is yet another unprecedented move even as the central bank makes “unprecedented” mundane.The Fed put its feet in the corporate bond market back in May when it started purchasing exchange-traded funds (ETFs) holding...

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Growing Dollar Demand, Silver Weirdness, Market Report, 15 June

The Federal Reserve has become more aggressive again, after several years of acting docile. As you can see on this chart of the Fed’s balance sheet, it has very rapidly expanded from a baseline from (prior to) 2015 through 2018, of about $4.4 trillion. After which, it had attempted to taper, getting down to $3.8 trillion last summer. Then it was obliged to reverse itself well before responding to the COVID lockdown. Since then, its balance sheet has gone vertical. More is expected to come....

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Dear Government: This Is Not Helpful

After the stock market tanked last week, the Trump administration tried to do damage control and talk the economy back up. In his podcast, Peter Schiff said the damage control fell flat. In fact, everything the government is doing claiming to help isn’t helping at all. After what seemed like weeks of optimism, the bottom fell out of the markets on Thursday. The Dow Jones had its worst day since March, plunging over 1800 points. Some of the pessimism stemmed from Federal...

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The Math Is on Investors’ Side

Most baseball fans know that the New York Yankees is the winningest team in MLB history. Of the 18,426 games it’s played since 1901, it’s won 10,378, or about 57 percent of them. The Yankees have also won the most World Series championships. Between 1903 and 2019, the team has lifted the Commissioner’s Trophy a record 27 times, a win rate of 23.5 percent. (The 1994 World Series was cancelled due to a strike.) As impressive as this track record is, it doesn’t come close to the U.S. stock...

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What Can’t Go On Forever Doesn’t: SchiffGold Friday Gold Wrap June 12, 2020

The Federal Reserve met this week and promised to keep pumping out monetary stimulus indefinitely. Meanwhile, the US government added another trillion dollars to the national debt in just 35 days even as the president and congressional leaders talk about more fiscal stimulus. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about the ramifications of all this endless stimulus and reminds us that what can’t go on forever, doesn’t. He also covers the week’s ups and downs in...

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The Fed’s Monetary Hail Mary

Despite the better than expected employment report last week and constant chatter about a quick economic recovery, the Federal Reserve has no intention of rolling back what Peter Schiff called its “monetary Hail Mary.”The Fed wrapped up its June Federal Open Market Committee (FOMC) meeting on Wednesday, holding interest rates steady at 0-.25%. Nobody expected the central bank to make any significant policy moves. The real questions revolved around what kind of forward policy guidance the...

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Yale Economist Warns of Dollar Crash

Peter Schiff has been warning that that real crash will be a dollar crash. Now, some people in the mainstream are starting to sound that alarm as well.Even before the coronavirus pandemic, Peter was warning about the dollar’s demise. During an interview on last September, he warned that America’s “fiscal profligacy” was going to sink the dollar.What has enabled this over the years has been the world’s willingness to hold US dollars as the primary reserve currency and to continue to loan...

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