Fed now holds more Treasury securities than all other foreign central banks…combined… Gold is a hedge against bad government decisions

Fed now holds more Treasury securities than all other foreign central banks…combined @federalreserve @biancoresearch @USTreasury pic.twitter.com/3FPC3NQkWv

— Liz Ann Sonders (@LizAnnSonders) November 19, 2020

Marginal utility of an additional dollar of debt continues to collapse. The MMT people never bring any of this up as a constraint on gov't spending or even a problem to correct. $3 and $4 in new IOU's to buy $1 of growth is fake growth. It's enslavement to debt.

Hoisington Mgt pic.twitter.com/Lpwp7r7bJE

— M/1_LP (@MI_Investments) November 19, 2020

Amazon: profit up 100%
Walmart: profit up 80%
Target: profit up 80%
Lowe's: profit up 74%
Microsoft, Facebook, Apple, Google: stock at record high

Small businesses: 21% closed; revenue for rest down 30%. They're gonna go extinct in the lockdown without help.

— Dan Price (@DanPriceSeattle) November 19, 2020

Gold Is a Hedge Against Bad Government Decisions

Gold has significantly outperformed stocks this century, gaining about 555% versus 79% for the MSCI All-Country World Index of stocks and 146% for the S&P 500 Index.(1) This is a direct result of significantly looser financial conditions, and no constraints on monetary and fiscal policy. From a financial perspective, the global economy is in a much worse place than 20 years ago, and there is no evidence that things are going to improve.