Politicians of all stripes are so desperate to keep their house of cards together that they’re putting their faith in Federal Reserve counterfeiting. The era of government omnipotence is ending.
The realities of the madness are too awful for most journalists to offer any real deep analysis. The U.S. budget deficit in June was $863 billion. For perspective, an annual budget deficit of $863 billion is enormously massive and fiscally unsustainable. Yet, now, the U.S. government has racked up $863 billion in debt, in just one month.
For additional perspective, the budget deficit for June 2019 was $8 billion. Hence, the deficit for June 2020 has increased 101x compared to June of last year. This, no doubt, is game over spending; desperate actions by a desperate government to keep this sucker from going down.
Nonetheless, the mass emissions of printing press money will ultimately make a bad situation worse. Instead of just an economic depression and a financial crisis, we’ll also get a dollar crisis. This is how game over spending works. Here we’ll turn to Jeffrey Gundlach, CEO of DoubleLine Capital, for clarification of what’s at stake:
“There’s a risk that the dollar starts to reverse into a significant downtrend because the value of the dollar versus other currencies is greatly affected by the growth in our budget and trade deficit.”
Indeed, the systematic destruction of the dollar, as a matter of policy, has grave consequences. Something big and ugly is coming. In anticipation of this, gold just hit a nine-year high and is closing in on its all-time high of $1,921 reached in September 2011.
Make of it what you will, gold’s shine as a permanent and enduring store of wealth has ultra-luster in the face of the federal government’s game over spending.
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