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We are entering The Greatest Depression because there is no exit. I've endeavored to explain why The Greatest Depression is unstoppable in recent posts: Charles Hugh Smith
The U.S. federal budget deficit in May nearly doubled to $399 billion from a year earlier amid continued strong spending on coronavirus relief programs and a 25% drop in receipts, the Treasury Department said on Wednesday.
Three things happening at the COMEX suggests gold traders are leaving New York for London. Here are the details...
The U.S. financial system could be on the cusp of calamity. This time, we might not be able to save it.
Federal Reserve Chairman Jerome Powell speaks to the news media following the two-day Federal Open Market Committee that concluded Wednesday.
...but it's not direct debt monetization, right?
Gold & Silver Look To Go On Offensive After Morning Losses As Fed Holds Interest Rates SteadyJune 10, 2020
Gold & silver are looking to recover their late morning losses as Powell's set to give a presser at 2:30 p.m. EST (watch it here)...
FOMC Formalizes $80Bn/Month QE, No Negative-Rates Signaled, Slashes GDP ForecastJun 10, 2020 - 11:08:21 PDT
Since The Fed's last statement, on April 29th, one "asset class" has done particularly well as bonds, bullion, and the greenback have slipped lower. Spot the odd one out...
This is a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the Fed's previous policy-making meeting on April 29.
Fed Sees Interest Rates Staying Near Zero Through 2022, GDP Bouncing to 5% Next YearJun 10, 2020 - 11:00:53 PDT
The Federal Reserve kept interest rates near zero and indicated that’s where they’ll stay as the economy recovers from the coronavirus pandemic.
The risks of another leg in GFC2 are much, much higher because even hitting these forecasts would leave such a massive scar, a gigantic economic hole.
consider the state of the economy (as measured by GDP), versus the total marketable federal debt, and the federal tax receipts collecting underlying the system. The tax receipts reaped from the economy are moving along around about 10% of GDP...but what you may note is the public or marketable federal debt is on a totally different trajectory.
Companies can borrow money from the Federal Reserve under its new lending programs. It's been good for the stock market, but the central bank's effort to help the economy has had lopsided results.
“Consideration may need to be given” to free money from taxpayers “to meet solvency or liquidity requirements,” but only “at the extreme end,” whatever that mean…
Even after boosting its pandemic bond buying program, European Central Bank’s stimulus is falling short of the euro area’s funding needs. Citigroup Inc. estimate that the ECB’s 600-billion-euro ($682 billion) increase to the program will probably be about 150 billion euros below the bloc...
The dollar dropped to a three-month low on Wednesday as speculation increased that the U.S. Federal Reserve will announce later in the session it intends to keep the recent rise in bond yields in check.
Roughly one in three Americans have delinquent debt according to recent data from The Urban Institute. At 16%, medical debt makes up the highest percentage of debt delinquency, but consumers also default on student loans, auto loans and credit card debt.
Jun 10, 2020 - 09:14:20 PDT
Treasury Secretary Mnuchin on Wednesday said he thinks another round of federal rescue legislation will be needed as the U.S. economy tries to inch back from a spate of coronavirus-related shutdowns.
Global banks are seeing renewed appetite from wealth management clients to borrow money to buy stocks as markets rebound, bankers said, which comes just months after the strategy burned some investors.
The Fed has authorized 11 financial bailout programs thus far. Despite Fed Chairman Jerome Powell’s reassurances at his press conferences that these programs are to help American families, a full 10 of these programs are actually bailouts of Wall Street banks or their trading units.