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Tag Archives: National Debt

Why Are US Treasury Bond Sales Are About to Spike?

The federal government has already run a $2.06 trillion budget deficit in fiscal 2021 with four months left to go. But somewhat surprisingly, over the last few months, the national debt hasn’t increased at nearly the pace you would expect considering the budget shortfalls. Given the level of spending, borrowing should be much higher. How has the federal government maintained its spending pace without borrowing at a much higher rate?The US Treasury has been drawing down the balance in its...

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Despite Tax Day the Federal Government Runs Another Massive Deficit in May

Typically, the US government runs a budget surplus in the month that tax returns come due. Not this year. Despite a surge in receipts, the federal government ran a $131.95 billion deficit in May, continuing the trend of overspending and ballooning budget shortfalls.The federal budget deficit for fiscal 2021 now stands at $2.06 trillion with four months left to go. That compares with a $1.9 trillion deficit through the first seven months of fiscal 2020, which included the first round of...

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Slow Burn: SchiffGold Friday Gold Wrap Podcast June 4, 2021

With some positive economic data coming out this week, investors suddenly went bullish on the economy again and decided that the Fed is surely going to deal with inflation now. Will it though? In this Friday Gold Wrap Podcast episode, host Mike Maharrey speculates about the Fed’s next move. He also looks ahead and talks about the long-term future of the dollar. Can we assume it will always be the reserve currency?The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the...

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The Biden Budget: Borrow and Spend to Infinity and Beyond

President Joe Biden released his 2022 budget this week. The $6 trillion spending plan offers a glimpse into Biden’s long-term fiscal strategy – borrow and spend to infinity and beyond.The Biden budget would take the US to its highest sustained spending levels since World War II.And here you thought the pandemic emergency was winding down and spending would go back to normal. Well apparently, this is the new normal. According to the number-crunchers, the Biden budget would push the debt to...

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The Fed Monetized More Than Half the Massive Federal Pandemic Debt

The US government continues to run massive budget deficits. That means it has to sell bonds to finance the debt. So, who’s buying all these Treasuries?The Federal Reserve is buying a lot of them as it continues to monetize the ever-growing federal debt. Between March 2020 and March 2021, the central bank monetized more than half of the massive pandemic debt.The central bank makes all of this government and spending possible by creating artificial demand in the bond market. The Federal...

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Ron Paul: Fed Inflation Is Propping Up Big Government Spending

Inflation came in hot in April. Initially gold sold off on the news. But over the following week, there appears to have been something of a pivot in the market. Gold and the dollar both started behaving as one would expect in an inflationary environment. Peter Schiff said it looks like investors are starting to worry the Fed won’t fight inflation after all.The markets have been by and large operating on the assumption that the Fed would stick to its playbook and tighten monetary policy to...

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Another Month, Another Huge Budget Deficit

The US government ran another huge budget deficit in April. The shortfall came in at $225.58 billion, running the total budget deficit through the first seven months of fiscal 2021 to a record $1.9 trillion, according to the Treasury Department’s Monthly Treasury Statement.That compares with a $1.5 trillion deficit through the first seven months of fiscal 2020, which included the first round of stimulus checks in April 2020.Some mainstream media outlets spun the April numbers as good...

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Who Wants Gold? SchiffGold Friday Gold Wrap April 23, 2021

There’s been some chatter in the financial media about the decline of the gold market. Gold is a relic of the past and crypto will replace it as the go-to safe haven and inflation hedge, according to some. But as host Mike Maharrey explains in this episode of the Friday Gold Wrap podcast, the demise of the gold market is greatly exaggerated. A lot of people still want gold. Mike also touches on the national debt in this episode. It’s even worse than most people think.The SchiffGold Friday...

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Government Spending Doesn’t “Stimulate” the Economy

The US government ran a record $1.7 trillion deficit through the first half of fiscal 2021. That’s a staggering budget shortfall, but only a symptom of the real problem – excessive government spending. We’re told this will “stimulate” the economy. But in the long run, it does no such thing.Conventional wisdom tells us that the government needs to spend money during an economic downturn to “stimulate” the economy. It has done that in spades over the last year, capped by Biden’s most recent...

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Peter Schiff: Bernie Madoff Could Have Been Fed Chair or Treasury Secretary

When Federal Reserve Chairman Jerome Powell appeared on 60 Minutes recently, he was asked what it takes to become the head of the central bank. In a clip from podcast episode 679, Peter Schiff said that when you think about the actual qualification, Bernie Madoff would have made the perfect Fed chairman. Or perhaps the secretary of the US Treasury department.So, what does qualify one to head up the Federal Reserve? Peter said that apparently, being clueless about economics helps.You have...

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