[39] Jim Rickards: The Fed is tapering QE into a recession
Jim Rickards, lawyer, economist, investment banker, is a self-proclaimed gold-vigilante with over three decades of experience working in capital markets. In an interview with Boom Bust, Jim gives us his views on where the economy and monetary system are headed. He sees trouble for the current post-Bretton Woods monetary system.
For the first time in history, more than half of all members of Congress are millionaires. Of the 534-current members of Congress, at least 268-had an average net worth of $1 million or more. While the US is faced with unprecedented issues surrounding unemployment, food stamps, social assistance and minimum wage rates, it begs the question: has the US turned into a plutocracy?
General Electric is planning to eliminate 6,500 jobs in Europe and General Motors raised its earnings projections by 5%. Ameera David weighs in. Then, Erin Ade sits down with Robert Neuwirth – author of “Stealth of Nations: The Global Rise of the Informal Economy” – to talk about the underground economy.
After the break, Bianca Facchinei takes a look at why the feds are investigating high-end property in New York City and Miami. Afterwards, Ameera and Erin discuss the record-breaking powerball lottery. And in The Big Deal, Ameera and Edward Harrison talk about what’s in store for the global economy.
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The Biden administration has started talks with German officials about the Nord Stream 2 pipeline. What lies ahead in the controversial project? And as the US gets battered by a winter storm in the southern states, oil prices spike. Plus, US equities touched record highs as Bitcoin reached another price milestone. Meanwhile, conservative social media site Parler is back after finding new hosting, providing an alternative to other social media sites like Facebook and Twitter.
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Italian bank Monte Dei Paschi is cutting 2,600 jobs and closing 500 branches. Plus, Wells Fargo could lose $8 billion in the fallout from its fraudulent practices. Ameera David has the details. Then, Harry Fear reports from the Calais refugee camp in France as authorities evict thousands that have taken up residence there. Bianca Facchinei then takes a look at the latest polling out of Iceland that shows the Pirate Party possibly in a winning position for the upcoming elections. After, Marina Portnaya breaks down how Puerto Ricans in Florida are exercising their political clout in the race for the presidency.
After the break, Marshall Auerback of the Levy Economics Institute talks about everything from the AT&T-Time Warner merger to the Trans-Pacific Partnership. And finally, in The Big Deal, Edward Harrison examines Europe’s economic malaise and how it compares to the U.S.
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Our lead story: Just yesterday, we told you that QE was done – the Fed closed the door on its third program of large scale asset purchases to expand its balance sheet and QE3 was history. However, as the Japanese show us, QE is an economic policy zombie that no amount of garlic protection can prevent from rising up again to work its magic on our global economy! Erin weighs in.
Then, Erin talks to Jim Rickards – chief global strategist at West Shore Funds and author of The New York Times bestselling book "The Death of Money." Jim tells Erin how far Chinese growth will have to fall in order to make a successful rebalancing a possibility and gives us his prediction on what will happen if oil prices continue to stay weak.
After the break, Erin sits down with David Merkel – founder and president of Aleph Investments. The top 449 companies in the S&P 500 spent $2.4 trillion – more than half their profits – on buybacks between 2003 and 2012. David tells us what he thinks is the driving factor behind this and gives us his top macro investment ideas for the next few years.
And in The Big Deal, Erin and Edward Harrison talk about Japan. Take a look!
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ORIGINAL AIR DATE: FRIDAY, JANUARY 30
Erin is joined by Raoul Pal – founder of Real Vision TV and Global Macro Investor. Raoul tells us if he thinks Europe is slipping into a Japanese-like deflation and gives us his take on recently weak earnings numbers. He also tells us what kind of impact the decline in oil prices will have in terms of market volatility and economic growth.
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Only 1% of midterm voters said the economy is “excellent” although the numbers suggest otherwise – leading many to assume that this disconnect has to do with wage stagnation. Arnold Kling, blogger at AskBlog and adjunct scholar at The Cato Institute, tells Erin what we need to do to get wages up.
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Peter Schiff from Euro Pacific Capital joins Bart Chilton as they discuss the commodities market and what to expect from gold, silver, oil, and more. Steve Malzberg discusses the upcoming fight for a budget as the Wall and DACA are on the chopping block. Tech is big business but could it lead to tech addiction? We cover that and more in today’s headlines.
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Markets across the globe have taken a beating this week as renewed fears of a second wave of coronavirus infection and dimming optimism dampen hopes of a "V shaped" recovery from the pandemic. Gold is withstanding these turbulent times, with nations like Russia boosting their gold stockpiles. Meanwhile, the demand for oil has slumped in recent months and prices have fallen again amid fears that a second wave of COVID-19 could once again halt economic activity. With oil moving higher in recent weeks, some producers have begun to reopen the taps, which could send prices even lower. Energy companies are already dealing with a significant oil supply and hardly any demand, even as economies reopen.
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Backlash for United Airlines continues, after the passenger who was forcibly removed from his flight and left beaten and blooded speaks out with his lawyer, RT’s Alex Mihailovich has the latest. Global stocks take a dive after Donald Trump talks down about the dollar. Boom Bust’s Manuel Rapalo looks in the WHO after it releases a report raising alarm on dirty water around the globe. After the break, a scandal is brewing after a new report shows UBER targeted its rival Lyft. Oil prices are on the rise globally and Bart Chilton joins us to discuss the earnings worldwide. Finally, Boom Bust’s Bianca Facchinei discusses the issue of refugees facing Hungary and Poland.
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