“$1 trln in new leveraged credit last five years faces its day of reckoning,” Bank of America strategist Yuri Seliger said in a note on Friday. Most of that debt has been created by below-investment grade companies through high yield loans or bonds. Around $400 billion assets are considered to be in “pre-distress,” while $150 […]
A U.S. lawmaker has accused the Federal Reserve of quietly working on a central bank digital currency (CBDC) — which he likens to “building the financial equivalent of the Death Star.” Rep. Warren Davidson of Ohio believes it would create similar authoritarian powers for the nation’s central bank to “corrupt … [coerce] and control” Americans
Fitch Ratings surprised markets after it downgraded U.S. long-term debt. Although markets largely shrugged off the downgrade, it has brought attention to the U.S. government’s growing deficit. In a recent report, commodity analysts at Montreal-based BCA Research said that gold remains an attractive hedge against an inevitable devaluation in the U.S. dollar as the U.S.
US Debt Crisis Could Ignite long-term Gold Rally – BCA Research Read More »
President Biden signed an executive order last year urging government agencies to research a potential central bank digital currency. CBDCs are a despotic innovation, of the sort that have besieged us during the past five years—lockdowns, mask and vaccination mandates, “antiracism” policies, “green new deals,” projects to suppress “misinformation” and so on. Only more recently has it
Big Brother and the Digital Dollar Read More »
“When that comes this fall, I believe it’s going to be a very difficult holiday season, certainly challenging for most retailers,” former Toys “R” Us CEO Gerald Storch said. “Every report we hear from retailers out there is that consumers are stressed, they’re reluctant to buy goods. “When you adjust for inflation, sales of physical
A Fitch Ratings analyst on Tuesday warned the agency may be forced to cut the credit ratings of more than a dozen banks, including some major Wall Street lenders. Another one-notch downgrade of the industry’s score, to A+ from AA-, would force Fitch to reassess ratings on each of the more than 70 U.S. banks it
Fitch Warns Multiple US Banks Face Credit Downgrade: Report Read More »
Indian Oil Corp. used the local rupee to buy one million barrels of oil from the Abu Dhabi National Oil Company — not the U.S. dollar. First, the two giants agreed to settle trade in their local currencies — in an effort to cut transaction costs and eliminate dollar conversions. India and the UAE are
In the two months since then, the national debt — which measures what the U.S. owes its creditors — has surged to roughly $32.69 trillion as of Friday afternoon. The unrelenting increase is what prompted Fitch Ratings to issue a surprise downgrade of the nation’s long-term credit score in early August. “America’s fiscal outlook is more dangerous and daunting
US National Debt Tracker: See How Much the Government Obligations Cost Read More »
The number of people making “hardship” or emergency withdrawals from their 401(k) plans is soaring despite low unemployment and rising real wages… Withdrawals in the April-to-June second quarter leaped an astonishing 36% compared to the same three months a year earlier… Investment giant Vanguard, which recently revealed that hardship withdrawals among its clients “hit a new
Ominous News as 401(k) Hardship Withdrawals Rocket Read More »
Fitch Ratings’ decision to strip the U.S. of its triple-A credit rating last week was widely dismissed as meaningless This time, though, bond yields rose. That suggests Fitch’s action deserves our attention, not because it tells us anything new but because it joins the stack of evidence of how profoundly different, and risky, the nation’s fiscal situation
Why Fitch’s Downgrade Matters Read More »
