Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. And it bears mention that most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR. Today’s focus is on the national debt bomb. (See the Economy & Finance section.
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Economy & Finance (National Debt Bomb):
Reader G.G. flagged this report at The Hill: Americans Have $1 Trillion Problem. Here is a key quote: “While large numbers defy comprehension, Americans should try to wrap their minds around the huge sums of money owed on the fastest growing segment of the federal budget. The interest expense on the national debt will hit the $1 trillion mark in a decade then become a consistent $1 trillion outlay each year. While economists generally track spending, revenues, and deficits as a share of gross domestic output, there is something to be said about the sheer magnitude of an annual interest cost of $1 trillion, and the profound effect that a bill of that size would have on the budget.” [Emphasis added]
JWR’s Comments: At this point, the best that we can hope for is to locate ourselves in the most conservative and survivalble states (such as Idaho or Montana) and hope that DC fully implodes in its own debt mess. In the aftermath constitutional conservatives could rebuild a new currency and government that is truly constitutionally-limited. That would mean: Honest, gold-backed money. Zero deficit spending. Term limits. A flat tax. The balance of power returned to the 50 states. Eliminating most Federal agencies.
The chances of that are slim. Ditto for a popular uprising. The alternative is just witnessing the continuing gradual descent into socialism, social engineering, social credit scores, eugenics via abortion, socialized medicine, civilian disarmament down to just kitchen cutlery and harsh language, a 100%-tracked (and horribly taxed) electronic currency, non-answerable and entrenched politicians-for-life, sovereign states in name only, a top tax rate of 90%, an eventual ban on privately-owned cars, a ubiquitous surveillance state—the whole Nanny State Shebang. So pray hard, folks!
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At Wolf Street: Fed’s QE Unwind Reaches $434 Billion, Remains on “Autopilot”.
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Here is a news flash for any blog readers that have an FFL, or at least access to a dealer who charges reasonable transfer fees: Palmetto State Armory (one of our affiliate advertisers), has put their generic mil-spec “Safe and Fire” AR-15 lowers on a short-term sale at just $39.99. (At their web site, search for: SKU: 1728.) With a legislative steamroller headed our way, it is wise to stock up! Buy a dozen, if you can afford them! There is a chance that those could be worth $200 apiece, in less than a year.
Government Death Certificate Says QuadrigaCX CEO Died in India. Here is a quote:
“QuadrigaCX said in mid-January that Cotten had died while traveling in India due to complications from Crohn’s disease. At the time, Global Affairs Canada – the government agency that manages diplomatic relations – seemed to confirm Cotten’s death, but only in vague terms.
Then came last week’s revelation that QuadrigaCX owes more than $100 million worth of cryptocurrency to its customers but is unable to repay because Cotten had sole control of the private keys connected to those funds. Robertson said in court filings that while she is in possession of Cotten’s laptop, it is encrypted and is currently inaccessible.
Amid the turmoil and uncertainty, various theories – including speculation that he had faked his death and fled with the exchange’s funds – have floated around on social media. Yet the Rajasthan document is the strongest evidence yet for QuadrigaCX’s story, having been obtained from the government office responsible for tracking such information. The document identifies Fortis Escorts Hospital, in the city of Jaipur, as the place of death.”
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“Amidst an intense economic recession and uncertainty in the country’s government, the Venezuelan bolivar has essentially become valueless.
The people of Venezuela have continued to suffer from a lack of basic necessities in the past several months. The situation has noticeably worsened when the government blocked U.S. humanitarian aid from coming into the country through the Columbian border.
NBCNews reported that sacks of rice, canned tuna, and biscuits packed by volunteers were stopped by the border by the Nicolas Maduro administration, which is scrambling to remain in power following the emergence of opposition leader Juan Guaidó.”
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Please send your economics and investing news tips to JWR. (Either via e-mail of via our Contact form.) These are often especially relevant, because they come from folks who particularly watch individual markets. And due to their diligence and focus, we benefit from fresh “on target” investing news. We often get the scoop on economic and investing news that is probably ignored (or reported late) by mainstream American news outlets. Thanks!