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Futures & Global Markets Crash; Yields, Dollar Explode - UK Stimulus Plan Sparks Global Market PanicSep 23, 2022 - 05:28:38 PDT
One week after stocks suffered their biggest drop since June, futures are in freefall on Friday with the dollar soaring to the now default daily record high..
The September Federal Reserve meeting wrapped up this week with another 75 basis point rate hike. And Fed Chairman Jerome Powell admitted that there is going to be some pain as the central bank continues to fight inflation. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey reacts to the meeting and the Fed's messaging. He said he thinks Powell & Co. are drastically understanding the coming pain.
BOTTOM 4 SHALE OIL FIELDS DISPLAY TROUBLING SIGNS: Market Totally Unprepared For Collapse Of U.S. Shale Oil ProductionSeptember 23, 2022
Americans are totally unprepared for the coming Collapse of U.S. Shale oil production. In this update, I discuss some troubling signs in the Bottom 4 Shale Oil Fields. These four fields produced a peak of 4 million barrels per day in 2019, but are now down 30%. And, the worst is yet to come...
As a divine metal, gold not only served as a store of wealth for the rulers of ancient societies but it was also an earthly representation of unending and incorruptible divinity. Coins struck in gold, while definitely earthlier and more materialistic than religious or decorative items, also retained a special place in ancient societies. Due to their high value, these early gold coins were generally used for massive payments, either state-to-state transfers or military payments for long-term service, and were rarely handled by the general population.
At their recent summit in Uzbekistan, members of the Shanghai Cooperation Organisation (SCO)—a prominent regional organization led by China and Russia—agreed on a road map to expanding trade in local currencies. A road map for using local currencies in trade and developing alternative payment and settlement systems has been part of the SCO’s economic plan for years.
The Fed is doing ninety miles per hour, heading down a three-mile grade and into a curve. This is going to be the worst train wreck in Fed history...
IMF Chief Warns There Will Be ‘People on the Street’ Globally Unless Steps Taken To Ease InflationSep 22, 2022 - 12:49:57 PDT
"It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of people. And if you don't take action to support the most vulnerable, there would be consequences," she told CNN's Christiane Amanpour.
The World Bank says Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes
A new monetary age is coming and sooner than anyone thinks. Since 1971 the world’s monetary system has been unanchored by anything of intrinsic value.
Demand for goods arises because of perceived benefits. For instance, individuals demand food because it nourishes them. This is not so, however, about pieces of paper we call money, so why do we accept them?
The Pandemic Is "Over," but the Feds Aren't Giving Up Their Emergency PowersSep 22, 2022 - 12:14:05 PDT
On 60 Minutes last Sunday, President Biden declared "the pandemic is over," but quickly added "we still have a problem with COVID, we’re still doing a lot of work on it." Biden then reiterated: "But the pandemic is over" and his evidence was the fact "no one’s wearing masks.
The Slow Emergency. The way to prepare for this is not with dollars, rubles or yuan. The way for investors to prepare is with gold.
It was a mixed week for precious metals, starting with a promising rally and a bear squeeze particularly noticeable in silver, before the dollar benefited from a renewed flight out of euros, yen and pounds. Additionally, the Chinese yuan had a torrid week. In this currency turmoil, gold lost $46 from last Friday’s close to trade at $1660 in European trade this morning. Silver was almost unchanged at $18.89.
Nations are being forced to go it alone in erecting defenses against the relentless strength of the almighty greenback, with no sign that governments are willing to act in concert.
In today’s video, let’s hear how Mike Maloney sees the economic emergency playing out:“Every time they have tried to contract the currency supply, raise interest rates…do Quantitative Tightening, the markets have thrown some sort of fit. Whether it’s the bond market, or bank liquidity drying up…every time they try weaning the markets off of this artificial life support there’s some kind of tantrum that happens. The next one is going to be some kind of big crash and that is finally when the Fed will pivot. They aren’t anticipatory, they are reactionary.
Predictions are hard, especially about the future, but two predictions are easy: 1) governments that do not yet impose wealth taxes will do so within the next five years and 2) governments will impose windfall taxes on all outsized unearned gains, from any source, anywhere on the planet.
Sep 22, 2022 - 08:18:50 PDT
In his much-anticipated remarks on the economy following the Fed’s policy meeting that saw another jumbo interest rate hike to tame soaring prices, Federal Reserve Chair Jerome Powell said inflation was “running too high,” contradicting President Joe Biden’s recent assertion that prices had risen “just an inch, hardly at all.”
Americans are set to fork out an extra $11,500 this year if they want to enjoy the same standard of living they maintained in 2020, according to new estimates from NerdWallet.
Mortgage rates moved higher again this week, with the 30-year fixed-rate averaging 6.29%, up from 6.02% last week, Freddie Mac said. A year ago at this time, the 30-year FRM averaged 2.88%. That’s the highest since August 2007, a year before a crash in the housing market triggered the Great Recession.
Sep 22, 2022 - 07:27:45 PDT
As The Federal Reserve battles inflation (caused by excessive monetary stimulus since 2008), Biden’s green energy policies and excess Federal government spending), we can see that the US Treasury 10yr-2yr yield curve has inverted to -54.4 basis points, the lowest since 1982 after Fed Chair Paul Volcker’s war on inflation.