Economists Chris Irons and Doug Casey Thursday 6-24-2021
Chris Irons: Central Banks Running Biggest Ponzi Scheme in History
Palisades Gold Radio: Jun 24, 2021
Chris discusses the realizations he came to while working in the corporate world. This understanding led him to conclude that modern financial systems are essentially nefarious schemes that benefit politicians and the wealthy.
Living within your means does not appear to be a policy in the macroeconomic world of bankers and politics. None of the rules of prudent investing apply in the macro world today.
We're fast approaching 30 trillion in debt and spending far beyond our means. At this level, it's "okay" to spend more than one earns. The macro world has decided that everything is okay instead of just addressing the root issues.
Inflation acts as a silent tax that most don't notice or understand. For example, the Fed argued that Quantitative Easing wasn't occurring during the Repo market in November of 2019. Still, Chris called the Fed chair out, and six months later, we had unlimited easing.
The truth is the Fed officials don't seem to have a clue and are completely incompetent.
He discusses the Gamestop movement and the follow-up Congressional hearings. So much of the young public is pissed off but doesn't quite know where to focus that energy.
The middle class knows they are being screwed but there not sure how the great Fed machine works. If they understood, they would riot, but instead, they are slowly choked by this silent machine.
We're entering uncharted territory where valuations can be high, and there is no apparent risk of market corrections.
The Fed is buying everything, including ETFs, and these policies encourage people to take on speculative risk and borrow.
He argues that the Fed completely controls bond markets. Chris expresses concerns about Bitcoin lacking purpose, and many argue that gold is much better at wealth preservation.
He's not sold that Bitcoin will be the answer to reckless monetary policy. It does have price discovery, and the volatility is not a bad thing. However, this does work against it as a good store of value.
The U.S. dollar has been defiled and mangled to the point of no return. Unfortunately, those in charge have shown no interest in protecting the dollar and now believe printing is the solution to every problem.
Panic Will Come: "This is A Formula For Total and Complete Economic Collapse," Warns Doug Casey
I Love Prosperity: Jun 24, 2021
New York Times best-selling author Doug Casey says that "panic will come on its own, because the path that we're on is one of economic self-destruction and total financial chaos.