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"The Covid-19 recession was not triggered by financial causes, but the ballooning government debt the U.S. is currently pursuing, recklessly and with a vengeance, can only substitute a new unsustainable expansion for a sustainable recovery." 1
Sep 2, 2021 - 08:42:30 PDT
George Gammon explains what looks like could be coming....
Without policy changes, beneficiaries will receive only 78 percent of what was promised starting in 2034.
The Bank for International Settlements will test the use of central bank digital currencies with Australia, Malaysia, Singapore and South Africa in an experiment that could lead to a more efficient global payments platform.Codenamed “Project Dunbar,” the study aims to develop prototypes for a common platform that will enable international settlement in digital fiat...
A challenge to a 2017 law could shut the door to Elizabeth Warren’s far more ambitious levy.
The $3.5 trillion tax hike being pushed by President Biden and congressional Democrats would be the largest tax increase since 1968. In nominal dollars, Biden’s $3.5 trillion tax increase would be the largest in history. But even when comparing this tax as a percentage of the economy, this tax hike would be the largest in more than 50 years.
Extraordinary measures from central banks, including the massive provision of liquidity from the Federal Reserve in the form of dollar swap lines and new repo facilities, mean the financial system is essentially swimming in cash. It’s the reversal of an earlier dollar crunch which saw the U.S. central bank withdrawing dollar liquidity from the market in 2015...
Democrats Face Tricky Deadlines on Debt Ceiling, Government Shutdown: WSJSep 2, 2021 - 07:03:05 PDT
Efforts to avoid a partial government shutdown and to raise the federal debt limit are running out of time against a backdrop of deep partisan disagreements over President Biden’s agenda.
Global food prices climbed back to near the highest in a decade on smaller crop prospects, reviving concerns about inflationary pressures.After easing in the previous two months, a United Nations gauge of food costs rose 3.1% in August to near a peak set in May.
Bond investors may not wait long to start pushing back against Federal Reserve Chair Jerome Powell’s efforts to delink the start of asset-purchase tapering from the countdown to eventual policy-rate hikes.Since Powell last week said the central bank could begin reducing its monthly bond buying this year, traders have stuck with early 2023 as the likely timing...
This analysis focuses on Gold and Silver physical delivery on the Comex. See the article What is the Comex for more detail.Silver has started delivery in a major month. As can be seen below, the amount delivered is below recent months at 3,826 contracts. There are still ~1700 contracts remaining open.
“Cash has been trash for a long time, but there are now new contenders,” Stocks could also fall into the category of “trash” should earnings growth fall short of lofty expectations...
Initial Claims Drop To New Post-Covid Low Even As Total Benefits Recipients Rise To 4 Week HighSep 2, 2021 - 05:47:11 PDT
After yesterday’s dismal ADP jobs report and contraction in the ISM Mfg Employment Component, traders were looking forward to some good news on the jobs front, and they got it moments ago when the DOL reported that in the week ending August 28, initial jobless claims dropped again, sliding from 354K to 340K, beating expectations of a 345K print...
Amid Hyperinflation And Economic Ruin, A Humanitarian Crisis Breaks Out In AfghanistanSep 2, 2021 - 05:42:32 PDT
"for all the focus on the humanitarian crisis unfolding at an unprecedented pace in Afghanistan, many are forgetting that an even worse economic disaster awaits the "Islamic Emirate" of Afghanistan now that the Taliban are in charge."
China ramped up financial support for small businesses and pledged better use of local government bonds as the economy showed further signs of a slowdown because of tight property controls and fresh virus outbreaks.The People’s Bank of China will provide 300 billion yuan ($46.4 billion) of low-cost funding to banks so they can lend to small...
Biden’s Affordable Housing Plan Doesn’t Address How Supply Will Be Brought to MarketSep 2, 2021 - 05:34:45 PDT
The White House is opening up "Pandora’s box" with its new plan to address the housing crunch, according to one Real estate expert.
Campbell Soup Co. warned that higher costs will eat into profits at a time when demand for its products is waning as the economy normalizes following the lifting of COVID-19 restrictions.
California delivering second stimulus check payments starting this week Golden State Stimulus payments going out ahead of Newsom’s recall election
New York, New Jersey Governors Declare Emergencies Amid Flooding From Tropical Storm IdaSep 2, 2021 - 05:23:49 PDT
The governors of New York and New Jersey declared states of emergency late Wednesday amid prolific flooding from the remnants of Hurricane Ida that deluged communities throughout the Northeast.
Mounting inflationary pressures held back nonresidential construction spending in July, according to an Associated Builders and Contractors (ABC) analysis of U.S. Census Bureau data.