Call Me Stormy

Finding righteous currents in turbulent times

Archive for the tag “Patrick Bet-David”

30 May 2020

Gold is King

When the dollar became the world currency after World War II, the United States was the world’s richest creditor nation. We had massive trade surpluses and we were the leader in manufactured goods. The dollar was not only backed by gold, but also convertible into gold. Then, says financial commentator and economist Peter Schiff, we exploited the situation and began spending like drunken sailors. With growing concerns over the stability of the dollar, other nations began converting dollar reserves into gold, forcing President Nixon to delink the dollar from gold to the floating exchange rates that exist today.

Fast forward to today and reckless spending has amassed a record deficit exceeding $20 trillion, a scenario that doesn’t bode well for the dollar. “We are going to go back on the gold standard eventually,” Schiff says. “It’s not going to be our decision, but the market’s decision.” He tells us why in this virtual interview with Patrick Bet-David on Valuetainment.

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20 Apr 2020

Printing Money Doesn’t Work

Wreckless spending and the onset of the coronavirus pandemic have plunged the globe into $250 trillion in debt. Problem is, there is only about $50 trillion in coins and currency. And, the United States is taking on more debt during the crisis than any other country. So, what gives?

Economist Danielle DiMartino Booth says, “We’re being told that it’s all going to be fine, because you can just have the Federal Reserve finance all debt that’s being taken on.” But the consequences could be devastating. “I always adhere to (Milton Friedman’s) philosophy that there’s no such thing as a free lunch,” she says. “You can buy time. God knows we’ve seen a lot of time purchased but not paid for. So, yes, I think there will be ramifications.” Tune in to Valuetainment with Patrick Bet-David and Booth for more.

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19 Apr 2020

Why Taxes Are Broken

In light of the COVID-19 stimulus package recently passed by Congress, Valuetainment host Patrick Bet-David posits that if the government is going to continually bail out corporations and print money, why pay taxes? It’s a conundrum, says economist and CEO of Quill Intelligence Danielle DiMartino Booth with a dire future because our tax system is broken and doesn’t make sense anymore. “If you make very little in America today, you’re going to get through this (economy shutdown),” she says. “If you’re worth a ton of money, you’ve long gone to cash. If you’re in the middle, you’re screwed and you’re pissed.” The result, Booth says, could be a generational change that brings about a genuine direction in how we approach our leadership in America. Here’s more from Valuetainment.

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