In These New Times

This actually ties in logically with declarations at the recent BRICS conference concerning an alternative system of international payments involving, most notably. a gold-backed Yuan. The dollar’s demise as the global reserve currency is imminent and Trump’s deal with the Democrats merely brings it closer but with the advantage that the Democrats can’t blame Trump for it now.

Peter Schiff

Euro Pacific

8th September, 2017

Of all the absurd Washington pantomimes none has been as reliably entertaining and maddening as the annual debates to raise the debt ceiling. Although the outcome was always a foregone conclusion (the ceiling would be raised), the excitement came when fiscal conservatives bemoaned the perils of runaway debt and “attempted” to exact spending restrictions through threats “to shut down the government,” (which often led to news coverage of tourists being turned away from national parks.) On the other side of the aisle Democrats would rail that the ceiling must be raised “because America always pays her bills.” Lost was the irony that “paying” bills with borrowed money was fiscally responsible, and that raising the ceiling actually enabled America to continue to avoid paying its bills. After these amateur theatrics, the ceiling would be lifted and Washington would go on as if nothing happened. But at least the performance threw occasional light on the nation’s debt problems.

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