Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
Inflation Has Eroded Us Households’ Financial Security, Fed Survey ShowsMay 23, 2023 - 13:01:23 PDT
The inflation wave that crested at a 40-year high last year and remains elevated has eroded U.S. households' sense of financial security, the Federal Reserve reported Monday, with many saying they had reduced their savings to make ends meet, felt less secure about retirement, and had delayed purchases or swapped into cheaper products as they shopped.
In a real recession, the Fed's tricks no longer work. Fiscal stimulus is limited by the overborrowing of the previous decades of inorganic (i.e. credit-dependent) "growth."
Many businesses take payment only by card or phone, but a pro-cash movement is urging people to ‘Resist! Defy! Don’t comply!’
We’re all on the lookout for signs of a deeper “credit crunch” as a result of the Fed’s historic rate-hiking campaign.
They were offered the benefits of owning apartment-building rentals without any of the work, in real-estate investments that have already left some people empty-handed.
We’re all on the lookout for signs of a deeper “credit crunch” as a result of the Fed’s historic rate-hiking campaign.
May 23, 2023 - 12:20:15 PDT
Bankruptcy filings are still relatively low but are edging up after a two-year lull as interest rates rise and government stimulus ends
Americans continued to pile on credit card debt this year, with total balances approaching $1 trillion sooner than some experts had expected.
The greater the misalignment between financial quantities and economic quantities, the more distorted and grotesque the whole picture becomes, particularly if nobody carefully connects the dots. Unfortunately, investors and policy makers repeatedly insist on learning that the hard way.
The debt ceiling is really a political football rather than a serious macroeconomic policy tool. In the end, Congress always approves the ceiling increases. In a way, the debt ceiling debate is all for show.
A century ago, Argentina was one of the world's wealthiest nations and the Argentine peso rivaled the dollar. Today, Argentina is famous for periodic hyperinflation. Original Article: "Argentina Sleepwalks into Hyperinflation (Yet Again)"
May 23, 2023 - 08:30:24 PDT
"The Biden administration threatens to invoke Section 4 of the Fourteenth Amendment to sidestep the longstanding federal debt ceiling in a way that would increase the power of the executive branch. " ~ Robert E. Wright
May 23, 2023 - 08:20:30 PDT
The Fed has been under non-stop scandals for the past two years. It pumped out trillions of dollars in repo loans to Wall Street’s casino banks beginning on September 17, 2019 and then made up a hokey excuse to cover up its massive bailout of banks it is incompetent to supervise.
May 23, 2023 - 08:09:55 PDT
Remember when former Fed Chair and current Treasury Secretary Janet Yellen said that inflation was transitory? As usual, Yellen was wrong. Look at April’s new home sales. Up 4.1% since March even through M2 Money growth has collapsed.
But it gets worse, in this month’s special questions, firms were asked to forecast the changes in prices of their own products and for U.S. consumers over the next four quarters. Regarding their own prices, the firms’ median forecast was for an increase of 4.0 percent, up from 3.5 percent when the question was last asked in February.
US Services PMI Soars To 13-Mo Highs, Manufacturing Tumbles Back Into ContractionMay 23, 2023 - 08:03:44 PDT
After an ugly wave of manufacturing PMIs across the euro-zone (and UK), preliminary US PMIs for May were expected to decline (tracking the recent serial disappointment in macro data). The flash prints were dramatically different (like in Europe) with Manufacturing plunging to 48.5 (contraction) down from 50.2 (that was the first time back above 50 since Oct). Services, however...
GOP, White House Remain 'Far Apart' On Debt Deal, Treasury Asks Agencies About Delayed PaymentsMay 23, 2023 - 07:57:00 PDT
The White House and GOP negotiators plan to meet again on Tuesday at 11 a.m. ET to continue negotiations on a months-long impasse over raising the nation's $31.4 trillion debt ceiling before a default occurs.
Gold prices fell on Tuesday pressured by a stronger dollar, as investors focused on U.S. debt ceiling talks, with this week's Federal Reserve policy minutes and economic data also on the radar.
Treasury Confirms U.S. Default as Early as June 1 Without Debt Ceiling HikeMay 23, 2023 - 06:21:47 PDT
In her third letter to Congress in three weeks, Treasury Secretary Janet Yellen said it was "highly likely" the agency will not meet all government payment obligations by early June, triggering the first-ever US default.
The World Bank will press for more grants and new capital from member countries, even as it leverages its balance sheet to scale up lending for responses to climate change and other global crises, its managing director of operations said on Tuesday. The lender will rally donor support for a newly established crisis facility for the world's poorest countries that face overlapping global...