Gold has all the potential to go unprecedentedly high. But silver will be gold on
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Russian gold miners boosted output by 26.5% year-on-year in March, according to the latest data from the Federal State Statistics Service (Rosstat).
Put it this way: if interest rates and equity prices were the only two economic variables in the entire macro system, the market would be down 80% off its highs by now, at least. But they’re not. Instead, we have to contend with things like the money supply and market psychology, not to mention commodities, Fed bond buying (and selling), and numerous other “wild cards”. This...
In March 2009, in the midst of recession, then Treasury secretary Timothy Geithner was pressed to respond on the question of whether or not another currency—possibly the IMF’s special drawing rights (SDRs)—might displace the US dollar as the dominant global reserve currency.
The taming of monetary policy necessary to slow price inflation has triggered a corrective trend in the valuation of financial instruments.
May 1, 2023 - 12:35:02 PDT
On Wall Street, the business model is you eat what you kill. Jamie Dimon and the bank he helms, JPMorgan Chase, just devoured First Republic Bank after Dimon had orchestrated the worst “rescue” of First Republic in the history of banking rescues. Given the outcome, one has to wonder if this rescue flop was a bug or a feature.
BANK FAILURES: "My Feeling Is This Is Just Ramping Up...It is International Now"May 1, 2023 - 12:34:42 PDT
In today’s video, Mike examines the facts and exposes some troubling signs brewing in the banking system.
As long as we mint millions from a Never-Ending Bull Market, we'll always stay one step ahead of the Debt Monster. AI! .
Michael Barr, the Fed's Vice Chair for Supervision, admits some responsibility for the collapse of SVB. But a huge report on the bank failure is mostly a power grab.
It is beyond disturbing that the government right now is bailing out banks left and right, with a ho hum attitude, as if it’s no big deal. That attitude has grown on the Treasury Secretary and Fed like a mold, left over from the damp blanket of hubris-laden monetary policy we draped the economy with over the last 15 years.
Bernie Sanders: Government Should Confiscate All Wealth Over $999 MillionMay 1, 2023 - 12:16:24 PDT
Of course, once such a wealth confiscation is announced, billionaires will depart for friendlier shores, there will be very little left to confiscate, and entrepreneurs will be creating jobs and wealth elsewhere.
The Fed Says Don’t Worry About U.S. Banks, but Why Should Anyone Believe Them?: MWMay 1, 2023 - 09:09:06 PDT
Regulators -- including the Fed -- have failed to keep the U.S. banking system safe, writes Joseph Stiglitz.
As the U.S. federal government and Federal Reserve head ever more into the abyss of destroying the value of the U.S. dollar, continually breaching debt ceilings, creating asset bubbles, and intervening in and manipulating financial markets, there is an accelerating counterforce emerging in the U.S. that is the antithesis of this madness.
Illinois Gov. J.B. Pritzker shrugged last year after several high-profile corporations left his state. “Countless companies are choosing Illinois as their home,” Mr. Pritzker said. Then why does a new Internal Revenue Service report show an accelerating taxpayer exodus from Illinois and other high-tax states?
For 2009 there were 118 bankruptcies through April. In Covid-impacted 2020, there were 71 bankruptcies. In 2023 there have been 70.
May 1, 2023 - 08:12:35 PDT
Sweetheart Deal On April 29, I wrote No Buyer for First Republic Bank at Any Price, Here's Why
My post did not include loss guarantees, $50 billion in financing, or refunded deposits.
I should have said, "No Buyer at a Fair Market Price". But the Run on First Republic continued, and the Fed needed a buyer. And so here we are.
May 1, 2023 - 08:11:08 PDT
Thanks to O’Biden (Obama/Biden) and Senate Majority Leader Chuck Schumer’s failure to negotiate a debt ceiling increase, the US has officially become a banana republic. Crazy government…
May 1, 2023 - 08:07:48 PDT
Second, we have the US yield curve (3M T-yield – 18M FWD 3M T-yield) crashing to the most inverted since the 1990s.
ISM Manufacturing Screams Stagflation, Still Contracting With "Reigniting Inflationary Pressures"May 1, 2023 - 08:05:55 PDT
So ISM screams stagflation - no growth and higher prices.
May 1, 2023 - 08:02:15 PDT
In fact, the government has become increasingly intolerant of speech that challenges its power, reveals its corruption, exposes its lies, and encourages the citizenry to push back against the government’s many injustices.
May 1, 2023 - 07:58:38 PDT
A review of the IRS job board shows the agency is seeking to hire armed agents in all 50 states. “WE’RE HIRING SPECIAL AGENTS NOW!” states the IRS website in all caps, with an exclamation point for emphasis. “Click here to apply today!” [Archived link here in case the IRS removes the listing] Under the […]