Posts Categorized: USAWatchdog.com

Posted by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com

Journalist Alex Newman says the virus crisis has exposed the financial debacle of the $5 trillion shortfall in state and local pensions. Senate Majority Leader Mitch McConnell says “states should file bankruptcy.” President Trump says a “federal bailout would not be fair.” Treasury Secretary Mnuchin says states are “not going to be bailed out.” As unemployment soars by the millions and taxes implode, pensions are running out of money to pay lavish benefits promised to public workers. Newman contends, “It’s unsustainable, it’s a rip-off, it’s a scam. These people are being used and manipulated, too. The reason Democrat politicians agree to these things is not because they love police and firefighters, it’s because they want the votes from big labor. It’s a really nasty political machine, and I was happy for Senator McConnell to talk about this. What you have here is huge government employee unions run by communist, radical leftists, Deep State operatives that suck up all this money . . . and then they recycle that money back into the campaign coffers of Democrat politicians. . . . Then they say, oh sure, we will give you a bigger pension, and, sure, we will give you more benefits, and it’s a vicious cycle. . . . They have been creating this massive Ponzi scheme, and now they are saying coronavirus caused this, and now we need a federal bailout. Sorry, it’s not going to work. . . .A lot of these issues are now getting exposed. This is the first time in years that we are having a national discussion about this tsunami that’s about to swallow up our economy.”

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By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Financial writer and professional trader Rick Ackerman says the economy is tanking, and there is no way to avoid an economic depression. Ackerman explains, “It’s going to be an interesting depression because we have all the infrastructure of affluence. We have achieved a pinnacle of affluence, and the metaphor I use is riding to the soup kitchen on an $8,000 trail bike. . . . I hope we find things that make life worth going on without all the stuff. So, we are going to be in a period of living without all the good stuff, and that is going to be the norm. There is also a really hopeful side to economic distress, but we are most surely headed into a period of severe distress . . . and a period of living without. We will find we are not living without things that are intrinsic to human nature that are good. . . .We going to have to find ways to get along because we are headed into hard times.”

A few years ago, Ackerman predicted that the trend for interest rates was down. The 10 year Treasury is now near a record low. Does Ackerman see rates going even lower? Ackerman says, “Yes, I see lower rates. I think we will have lower rates until, at some point in the future, people will start sniffing out a hyperinflation. You know I have been a deflationist for a lot of years. I think we will have to cross the valley of deflation, but somewhere there is a hyperinflation. It won’t take high interest rates to do it because we will be dealing with a real burden of debt that is going to be crushing no matter where interest rates are even if they are fixed at 2%.” Ackerman sees the 10-year Treasury hitting “.25%.”

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By Greg Hunter’s USAWatchdog.com

Legendary financial and geopolitical cycle analyst Martin Armstrong says shutting down the economy is far worse that the effects of the Wuhan China virus. Armstrong says, “This is just scare mongering, and there is another agenda going on. The WHO is part of the UN, and the UN is for this climate change, and this is what their objective has been: Shut down the world economy, bankrupt everything you possibly can, and then rebuild from scratch. . . . The devastation in the economy is unbelievable. Our computer is very well known. Just about all the intelligence agencies look at it because it’s the only fully functioning artificial intelligence system in the world. It was saying unemployment was going to rise dramatically and retest the Great Depression highs. . . .That’s never happened like that. Even in the Great Depression, it took three years to get to 25%. We passed 13% in the first month. . . . From the very beginning, I said something is not right. Something is wrong. . . . This is really going to push the debt bubble over the cliff. . . . The number that has died is minimal. More than twice that die from the flu. There is no logical explanation to have done this. The study they used was not even peer reviewed.”

So, if Armstrong were face to face with President Trump, what would he tell him? Armstrong says, “What he needs to do is open up the economy instantaneously. I think he needs to appoint a special prosecutor to investigate who started this. All the information I have is pointing to a deliberate and intentional movement to harm the economy. These people are elitists. Bill Gates was in Germany saying everybody should remain in lockdown until he comes up with a vaccine. . . . I put out a forecast a few weeks ago and said after week four, we will start seeing protests, and after week six, it will turn to violence. We hit week four and we got protests already all around the country. . . . Facebook is acting like Stalin. Anybody comes out and says let’s get together and exercise our First Amendment rights, they are removing it.”

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By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Money manager and economist Michael Pento says the Federal Reserve has only massive money printing left to try to save the economy from the current and ongoing debt implosion. There is going to be lots of fresh cash needed. Pento runs down a list of just few of the things the Fed will need to spend money on and says, “We all should know more than 22 million people have lost their jobs in the last four weeks alone. That’s 22 million people, and the unemployment rate, according to me, is heading up to 15% to 17%. That, my friends, is a depression. We also have the Philly Fed (Manufacturing Index rating) come out with a -56.6. That’s a minus 56.6. That’s the worst ever. Empire State Manufacturing -78.2, which is the worst rating ever. Retail sales plunged in March 8.7%. That is also the worst reading ever. That’s the worst plunge ever, and that’s just March. In my opinion, it will be something worse in April because all of the month will be completely shut down. That’s 90% to 95% of the economy.”

Now you know why the Fed freaked out and started printing money at the highest pace ever. Pento predicts the Fed, who took $4.5 trillion onto its balance sheet as a result of the “Great Recession,” will explode “The Federal Reserve’s balance sheet to $10 trillion by end of the year.”

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By Greg Hunter’s USAWatchdog.com

In October of 2019, former Assistant Treasury Secretary (in the Reagan Administration) Dr. Paul Craig Roberts predicted on USAWatchdog.com that “The oligarchs of the New World Order (NWO) will do anything to boot President Trump out of office.” We got a global economic shutdown in March of 2020 because of an overreaction to a virus that started in China. Now, we are seeing massive money printing to bail out everything and everyone. How does Dr. Roberts, who holds a PhD in economics, see this? Dr. Roberts says, “The problem is there is already more debt than can be serviced. That’s why they are trying to bail it out by issuing more debt. It’s like kicking the can down the road until it blows up. When does it blow up? It didn’t blow up with a $4.5 trillion Federal Reserve balance sheet. Will it blow up at $10 trillion or does it have to be $15 trillion, or does the Fed’s balance sheet have to be the size of the US GDP before it blows up? I can’t say that I know, but I do know bailing out debt by creating more debt is not a solution.”

What is the solution? Dr. Roberts says, “We need a debt jubilee. Debt jubilees were widely used in the ancient world. The way economies tend to work is through time, debts expand. People get more and more indebted, and before long, they don’t have any discretionary income, and they can’t buy any increase in output and they can’t service their debts. Either the system goes into collapse, or you write the debts down and you start over. So, that’s what I think. I think . . . we need a debt jubilee, and debts need to be written down. The debts do not need to be written down all the way, but they need to be written down to a level that they can be serviced. . . . They are not fixing the problem by creating more debt to bail out existing debt. That doesn’t fix the problem. You’ve got to get rid of debt. It’s not the federal debt that we need to worry about. They can print all the money they want to redeem US Treasury bonds. Individuals and corporations cannot print money to get rid of their debt, and that is where the problem is and they are not addressing the problem. Again, either you paper it over again, or you don’t succeed and everything blows up.”

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By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Former CIA Officer and counter-terrorism expert Kevin Shipp says it was not the illness caused by the coronavirus from China, but the hype about how bad it was going to be. The projected death in the US alone was to be in the millions, and that did not happen. Shipp explains, “Remember, the World Health Organization (WHO) also said 3.4% of the population was going to get it and probably die, and they were over-inflated. The problem and the serious part of what this did is cause a panic in our economy. This was bolstered by the news media and drove us into maybe the biggest economic crisis in US history because they over-inflated these statistics. It is no small thing. Our economy has been damaged so badly we will never return to normal. We might get close over a few years, but the damage has been almost insurmountable because they overstated these statistics badly.”

Does Shipp think President Trump will keep the economy shut down? Shipp says, “At first, he had to let them go to show he was handling this pandemic using experts. . . . Trump is a strategist, and I think he is doing this: As he watches the actual numbers go down, and we are down to 60,000 (projected deaths from the coronavirus) from 2.2 million. He’s sitting back waiting for it to bolster his solid case and say, okay, the numbers were way off. Let’s talk about reopening the economy and saving this country from economic destruction.”

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By Greg Hunter’s USAWatchdog.com

Financial writer and precious metals expert Craig Hemke says high demand coupled with low supply will unlock the price of precious metals. Hemke says, “Look, the system is a total fraud. This pricing scheme was devised in 1974 as a way to diffuse supply. It was to make supply appear more readily available. . . .   So, now it’s finally crumbling because people are finally figuring out it’s a scam. It’s a confidence game. You may think you own gold . . . but what you own is just a promise. . . . So, now they are being called on the carpet to try to supply gold. . . . When the day finally comes that this pricing scheme is shattered and 50 people show up to take possession of the same ounce of gold . . . that’s when we find out what the true price of gold is.”

What’s driving the demand for investors to get their hands on physical gold or silver? Look no further than Fed President Neel Kashkari who recently bragged on the TV show 60 Minutes about “an infinite amount of cash in the Federal Reserve. We will do whatever we need to do . . .” to basically save the banking system and the economy from the virus chaos gripping the nation. Hemke contends, “Since this QE to infinity program began Monday, March 23, the S&P is up something like 17%. . . . Fundamentally, there is terrible stuff, but that doesn’t mean the stock market is going to go down because of all of this cash being created, and it’s going into the stock market and everything else. So, when I tell you the stock market is up 17%, it should be no surprise, but gold is also up 14% and silver is up 25% in the last 14 days. That is going to continue. . . . Central banks will always print cash to stop a deflationary spiral. Instead, in an inflationary spiral, currencies will be devalued and gold and silver will go higher.”

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By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts says, “We’ve been printing massive amounts of dollars, and if you look at all the things we did to stop high speed debasement and unprecedented inflation, we’ve kind of run out of tricks. . . . Inflation is really sneaking up. My question: Is basically shutting down the small businesses and the small farm economy at high speed the way they have done, is that protecting us from going up a frightening inflation? Are we at Weimar Republic kind of inflation rates? I have been telling my subscribers to plant, plant and plant because the price of food is going to go through the roof. Another one of my questions: What’s pressing for war?   Is the debt spiral up and the inflation spiral up, is that more than they can handle?”

Fitts also says the covert war going on now is about the U.S. dollar and countries who want to stop using it for trade. If the dollar is used less, it will be worth less and maybe much less. Fitts says, “We have tried to keep all the oil sales in the world going through the dollar. Of course, that’s put everybody back into our jurisdiction. The world doesn’t want to do that anymore. They want to be free to trade. You are seeing more and more central banks around the world doing swap lines and direct relationships between central bank to central bank to try to do what is called de-dollarization. So, you have the world wanting to move outside our channel, and you have the Anglo American alliance trying to protect the dollar syndicate. That is part of the economic war that is going on.”

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