Chart of the Day: US state and local governments just experienced the worst decline in income tax revenues ever recorded.
US state and local governments just experienced the worst decline in income tax revenues ever recorded. This was the second steepest year-over-year percentage [...]
China consumed 554.88 tons of gold in the first half of 2023, up 16.37 percent year-on-year, data from the China Gold Association (CGA) showed on Tuesday, as Chinese citizen's income continues to rise steadily. The "gold rush" is partly fueled by the investors' growing risk-aversion in buying equities and bonds, over concerns about volatile global financial environment, which is exacerbated by the US bank financial crisis and the US debt ceiling issue.
(Bloomberg) -- JPMorgan Chase & Co. sees an opportunity in gold ahead of a likely US recession, predicting prices will push past $2,000 an ounce by year-end and hit fresh records in 2024 as interest rates start to fall. Falling real yields in the US will be a “significant driver” for the precious metal when the Federal Reserve starts to deploy rate cuts, which should play out in the second quarter of next year, Greg Shearer, executive director of global commodities research, said in an online briefing on Wednesday.
A long time ago, in a galaxy far, far away, I came up with a tagline for my comments at ZeroHedge. It stated, “the end of the great Keynesian experiment is upon us, prepare accordingly”. Well, it has taken longer than I expected, but finally, here we are. Let's start with John Maynard Keynes . Who was he and what is this "great experiment"? In short, it was Keynes who popularized the idea of a debt-based monetary system where governments allow for unchecked growth of debt and the monetary base needed to support it. This was all well and good, and it worked for a while. However, the end of the experiment was always scheduled for the moment when new fiat currency creation for debt monetization becomes an economic and monetary necessity. And now here we are.