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News — government

U.S. Labels China “Currency Manipulator,” Gold Soars

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By John McDonald In the wake of breaking news that the United States had formally labeled China a “currency manipulator” and China had retaliated by dropping the price of its currency to a near-historic low, gold prices skyrocketed the night of August 5, 2019.  Even after the upward momentum stabilized the next morning, gold bulls gleefully noted the yellow metal had hit another six-year high overnight. With Asian and European markets volatile and the U.S. stock indexes positioned to open higher the next morning, gold buyers had eased up on activity somewhat as the trading day began.  However, gold and...

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Leading Market Strategist Warns: Central Banks are Insane, an Impediment to Progress

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By John McDonald As more and more players on the S&P 500 and the Dow Jones Industrial Average up the ante on their year-end-returns predictions, analysts like Sven Henrich, founder and lead market strategist of NorthmanTrader.com, are getting nervous. In a recent op-ed posted on MarketWatch, Henrich asked: “Why does the global economy need rescuing after 10 years of non-stop monetary stimulus?” The answer, he warned, is unsettling. According to Henrich, investors are becoming so afraid of any market “pain” that central banks now feel too much pressure from politicians and their associated governing bodies. The banks, which were created...

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The U.S. Treasury Could Run Out of Cash in September

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By John McDonald The U.S. Treasury could run short on cash before Congress reconvenes in September if the legislature fails to raise the debt ceiling before Congress leaves for the end-of-summer recess.  Treasury Secretary Steven Mnuchin wrote a letter to House Speaker Nancy Pelosi mid-July, warning, “Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes.” Mnuchin is hoping his letter will spark a spirit of cooperation between the left and right sides of the aisle so that the White House does not have to offer a one-year continuing...

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President Labels Fed the United States’ “Most Difficult Problem”

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By John McDonald President Trump is not known for making a secret of his opinions on how various facets of the federal government operates. It is one of the things his supporters love most about him and one of the things his critics find most distasteful.  Perhaps among the most-covered commentary when it comes to presidential critiques of federal entities is the president’s outspoken criticism of the Federal Reserve.  For everyone who dislikes the current monetary policies in the United States, President Trump’s ongoing attacks on Fed policy certainly fit the bill. Recently, the president tackled Fed policies in the...

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Fed Interest Rate Cuts Could Hurt World Currencies Down the Road

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By John McDonald On Wednesday, July 31, 2019, the Federal Reserve cut interest rates for the first time in a decade in an effort to sustain the country’s longest-running economic expansion ever. Citing “downside risks from weak global growth and trade tensions,” Fed chairman Jerome Powell said he hopes the quarter-point cut will ultimately keep the national economy going strong. Unfortunately, the immediate effects mainly consisted of the S&P 500 falling the most it had fallen in about a month (1.1 percent) and a fair amount of presidential criticism for the already beleaguered chairman. The Cut Could Hurt Global Currency...

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