Global Market Commentary, Analysis and Investments
It was a good effort…but “federal debt held by the public would double under the President’s budget,” says the Congressional Budget Office (CBO).
While we were exploring gold storage, junior miners and asset protection in Zurich, the CBO did some heavy lifting on the budget proposal advanced by Mr. Obama on Wednesday.
[Read more...]Well… The government did avert a shutdown late Friday night… I’m going to tick a few people off with this statement, but oh well… On Friday, the government agencies had to make up lists of “essential workers” and “non-essential workers”… Wanna reduce the government debt? If those people are “non-essential” then… Well, why are taxpayers paying for “non-essential” workers?
[Read more...]Well, its another week to mark down in the history books and there wont be any stars or special characters to make it stand out. It was fairly quiet in the economic department worldwide and things fell in place pretty much as expected. There was the obligatory curve ball here and there to keep us on our toes, but most of the week stayed right over home plate.
[Read more...]From Bloomberg.com we get the bad news that “Bank of England Governor Mervyn King said inflation is likely to exceed the UK government's upper 3% limit in coming months as higher sales taxes drive gains in consumer prices,? which “rose 3.1% in July from a year earlier after climbing 3.2% in June.?
[Read more...]I told you yesterday that the FOMC had set off some fireworks with their statements the other day, and those fireworks turned into a major sell-off in the risk assets yesterday… Stocks, currencies and commodities, all sold in a major way!
Stocks were down 2.5%, the euro (EUR) was down three whole cents, and gold lost ground… I would think that the 3-cent sell-off was a bit overdone… We'll have to wait-n-see… But there was good news for Japanese yen (JPY) holders… The yen hit a 15-year high yesterday, when it traded, albeit briefly, below 85… I was a foreign bond and currency trader at the old Mark Twain Bank in 1995, and I truly recall when yen was 85 in 1995… I have to say that, in some ways, those days are very reminiscent of today… Like investors flocking to yen when yields are non-existent and the country is wallowing in deflation and a rising national debt…
[Read more...]Front and center this morning, the euro (EUR) has lost more ground overnight, falling to a 14-month low, trading below 1.25 for the first times since March of 2009. Recall, that in March of 2009, the risk assets turned on a dime, and it wasnt too far into spring that everyone was dumping dollars again… But that was then…
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Hyperinflation and Double-Dip Recession Ahead
“The US is really in the worst condition of any major economy or country in the world,” says ShadowStats Editor John Williams. In the following interview with The Gold Report, John concludes the nation is in the midst of a multiple-dip recession and headed for hyperinflation.
The Gold Report: Standard & Poor’s (S&P) has given a warning to the US government that it may downgrade its rating by 2013 if nothing is done to address the debt and deficit. What’s the real impact of this announcement?
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