Nai Barbero’s Post

Here are ten reasons why the next president of the USA won’t be able to control the rising level of debt. Richard Nixon, Address to the Nation on the State of the Economy, October 7, 1971; "Our national debt is approaching $400 billion. Unless we stop the rise in that debt, we will have mortgaged our children’s future and will have denied them the American dream." Gerald Ford, Address to the Nation on the Economy, October 8, 1974; "My fellow Americans, our national debt is approaching $600 billion. We must put an end to this fiscal madness before it bankrupts our country and destroys our future." Jimmy Carter, Address to the Nation on the Economy, February 2, 1979; "Our national debt this year will rise to over $600 billion. We cannot continue to tolerate a situation where each year we spend more and more money that we do not have." Ronald Reagan, Address to the Nation on the Economy, February 5, 1981; “Today the debt is $934 bn. We can leave our children with an unrepayable massive debt and a shattered economy, or we can leave them liberty in a land where every individual has the opportunity to be whatever God intended us to be”. George H. W. Bush, State of the Union Address, January 31, 1990; "The deficit and the debt are at all-time highs. The national debt is over $3 trillion, and this is a serious problem because it threatens our economic future. We must work together to bring the deficit under control and reduce this debt." Bill Clinton, Address to the Nation on the Economy, June 13, 1995; "Today, our national debt is $4.9 trillion, and the interest we pay on it is one of the biggest items in the federal budget. This debt is a burden on our economy and a threat to our future prosperity. We must take steps to reduce it and get our fiscal house in order." George W. Bush, Radio Address to the Nation, February 25, 2006; "The national debt today stands at over $8 trillion. This enormous and growing debt is a threat to our economy and our future. We must take action to address this problem before it undermines our nation’s prosperity." Barack Obama, State of the Union Address, January 25, 2011; "Our national debt has now topped $14 trillion. This debt is a direct threat to our future prosperity and must be addressed. If we do not take steps to live within our means, we will leave a mountain of debt to our children and grandchildren." Donald Trump, Address to the Nation on the Budget, February 12, 2018; "Our national debt has reached over $20 trillion. This is a crisis that threatens the financial stability of our country and the future of our children. We must take serious steps to rein in uncontrolled spending and start reducing this debt." Joe Biden, Remarks on the Economy, December 4, 2020; "We have to get our fiscal house in order. Our national debt is now over $27 trillion. If we don’t act now, our children and grandchildren will be saddled with this debt, which will limit their opportunities and economic prosperity."

Central banks continued to buy gold in May, but the pace slowed moderately with China at least temporarily out of the picture. Central banks added a net 10 tons of gold in May, according to the latest data compiled by the World Gold Council. Central banks bought 23 tons of gold, offset by 13 tons in gross sales. The National Bank of Poland was the biggest gold purchaser in May, adding 10 tons of gold to its reserves. Poland was the second-biggest gold buyer in 2023. The Polish central bank bought 130 tons of gold last year, increasing its holdings by 57 percent, to 359 tons. In 2021, Bank of Poland President Adam Glapiński announced a plan to expand the country’s gold reserves by 100 tons. The central bank reached that goal in September of '23 and kept buying. When he announced the plan to expand its gold reserves, Glapiński said holding gold was a matter of financial security and stability. Michael Maharrey Money Metals Exchange World Gold Council #gold #BRICS #economics #money #banks

Could commercial real estate’s threat to banks be overstated? A growing number of industry insiders are warning the distress shaking CRE — office, most violently — will collapse the small- and midsize banks that have been bread-and-butter lenders to the industry.⁠ ⁠ Few, if any, believe a full-blown system failure is coming. But a contraction this significant, they say, will permanently alter the #realestatelending landscape for landlords and investors.⁠ ⁠ Read about the state of #commercialrealestate lending, its looming fallout — and how real estate is bracing for impact— here: https://lnkd.in/eyjhiTP6

For this week, silver prices climbed by more than 7%, while gold futures added 2.5%. What's next?