Gold has all the potential to go unprecedentedly high. But silver will be gold on
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Jun 10, 2021 - 11:26:55 PDT
The Bank for International Settlements' Basel Committee suggested splitting crypto assets into two groups: those eligible for treatment under existing frameworks and those that are not.
Treasury Says Tax Gap To Balloon to $7 Trillion Over Next Decade, Calls for Beefed-Up IRSJun 10, 2021 - 11:16:26 PDT
The Treasury Department estimates that the U.S. tax gap will balloon to $7 trillion over the next decade.
The Federal Reserve Bank of Atlanta warned last month that the US might be headed toward an inflationary episode on par with the period following World War II, when the release of pent-up demand fueled a 20% surge in prices. But China's efforts to stabilize commodity prices should help to avoid a worst-case scenario.
The net worth of households and nonprofits rose to $136.9 trillion during the first quarter of 2021. The value of directly and indirectly held corporate equities increased $3.2 trillion and the value of real estate increased $1.0 trillion.
One of the arguments most used by central banks regarding the increase in inflation is that it is because of bottlenecks and that the recovery in demand has created tensions in the supply chain.
Since 2008, pundits are screaming – “Inflation is coming!” They are getting louder; do we scoff at the warnings, or take heed?
"What’s especially disgusting is that the Biden Administration wants to reward IRS corruption with giant budget increases, bolstered by utterly fraudulent numbers. Needless to say, that would be a terrible idea, and sadly, Republicans in the past have been sympathetic to expanding the size of...
As the U.S. Faces a Flurry of Ransomware Attacks, Experts Warn the Peak Is Likely Still To ComeJun 10, 2021 - 08:58:13 PDT
Ransomware, a program that hackers use to hold digital information hostage, has become the top choice of malware for criminals.
Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security.
After the "eye-popping" April CPI report, expectations were for another big increase in consumer prices in May and boy, did the data not disappoint with core CPI surging another 0.7% (0.74% unrounded), which boosted the % yoy rate to 3.8% (3.80% unrounded) from 3.0% previously. This was the highest % yoy rate since 1992.
Over the last week, we’ve been outlining the absurdity of Treasury Secretary Janet Yellen’s belief that higher inflation and higher interest rates would for the U.S. By quick way of review: 1) Secretary Yellen believes that President Biden’s $4 …
We're getting a real-world economics lesson in rip-your-face-off increases in prices, and the tuition is about to go up--way up.
The US recovery is powering on, but there are worries that the supply capacity of the economy isn't keeping pace. We think the Federal Reserve will soon switch position and acknowledge that inflation may not be as transitory as first thought, paving the way for the first steps towards policy “normalisation” later in the year
Gold reversed an earlier decline after U.S. inflation data showed domestic prices rising slightly faster than expected, causing real Treasury yields to decline.Thursday’s U.S. Consumer Price Index showed prices rising 0.6% in May from the prior month, slightly more than economists forecast. That follows a 0.8% jump in April that was the largest since...
Over 11 Million Americans Are Still On Pandemic Jobless Benefits (Despite 9 Million Job Openings)Jun 10, 2021 - 06:43:53 PDT
Initial Jobless claims continued their slide week-over-week (from 385k to 376k), but remain near pandemic lows (but are still almost double those pre-pandemic levels)...
Druck Slams Fed Manipulation As Stocks & Bond Yields Jump After CPI SoarsJun 10, 2021 - 06:42:35 PDT
Billionaire fund manager Stan Druckenmiller clarified the farce..."The market is not speaking right now on May’s CPI data and will not until the Fed stops cancelling market signals and at that point we will know."
With the world's eyes having moved on from China's rip-roaring PPI (and post-data decision to unleash price controls), this morning's CPI print has been heralded as the arbiter of "is it transitory or not" with some (BofA) even suggesting we are nearing a period of "transitory hyperinflation." The answer for now is - inflation's still accelerating as headline CPI soared 5.0% YoY (hotter than the +4.7% expected). That is the highest level of inflatuion since Aug 2008.
Government programs, political campaigns and wishful thinking can't trump economics. In the end, economics always wins.Chipotle's recently announced menu price hikes bear this out.
‘Impotent’ Fed Policy Will Fail To Contain 1970s-Type Inflation, Investor Peter Boockvar PredictsJun 10, 2021 - 05:41:54 PDT
The Bleakley Advisory Group's Peter Boockvar predicts inflation will be the most widespread in decades.
Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.