Peter's Blog

Most US States Drowning in Red Ink

The federal government continues to pile up debt at a staggering rate. In August alone, the US government added $450 billion to the national debt. But Uncle Sam isn’t the only one who doesn’t have enough money to pay his bills. Forty state governments are also drowning in red ink. Total state government debt now […]

US Government Adds Almost Half a Trillion Dollars to National Debt in One Month

The fiscal year budget deficit surged passed $1 trillion last month. Spending deficits necessarily mean more government borrowing and we’re seeing that in the numbers as well. Uncle Sam’s outstanding public debt grew by $450 billion in August alone. The national debt stood at $22.02 trillion on Aug. 1 and surged to $22.47 trillion as […]

Indebted US Consumers Losing Confidence

With debt up to his eyeball, the US consumer seems to be losing confidence in the US economy. Last month, Spencer Schiff wrote an article warning about declining consumer confidence, writing, “any shift in consumer psychology/behavior could knock a critical support out from under our economy.”

Fed Ups Repo Ante; Injects Longer-Term Cash into Banking System to Hold Rates Down

The Federal Reserve upped the ante in its efforts to hold short-term interest rates down this week, injecting longer-term cash into the financial system.

Fed Runs Repo Operations; Is It Baby-Stepping Toward QE?

In a move “Bond King” Jeffrey Gundlach said could be a prelude to the next round of quantitative easing, the New York Fed conducted a repurchase operation involving about $53 billion in debt instruments on Tuesday. The move to designed to unplug the financial system’s “plumbing” with an injection of cash was the first such […]

Another Month, Another Record for Consumer Debt

Americans continue to drive the economy along spending money they don’t have. Consumer debt increased yet again in July, setting another record, according to the latest data released by the Federal Reserve. Total consumer debt surged $23.4 billion in July, driven by a huge jump in credit card balances. The big rise in consumer indebtedness […]

Budget Deficit Shoots Past $1 Trillion for Fiscal 2019

The federal government continues to spend money at an insane rate and is running up budget deficits reminiscent of the Great Recession era. With one month left to go, the federal budget deficit for fiscal year 2019 eclipsed $1 trillion in August, according to Treasury Department data released last Thursday.

Corporations Piling Up Debt at Record Pace

Corporations are piling on the debt. Last week, companies borrowed $74 billion in the US investment-grade bond market. It was the largest corporate debt increase for any comparable period since they started tracking such things in 1972.

Russia’s Gold Bet Paying Off; Reserves Top $100 Billion

As Bloomberg put it, Russia’s bet on gold looks better every month. The Russian Central Bank’s gold reserves have topped $100 billion thanks to continued buying and surging prices.

Indian Silver Market Sees Massive Expansion and Other Silver News

The silver market in India has enjoyed massive growth over the last several years. Demand for the white metal has increased from around 3,000 to 6,000 tons over the last five years, according to Chirag Thakkar, CEO of the Indian bullion company Amrapali Gujarat. The Silver Institute interviewed Thakkar for the latest edition of Silver […]