Incoming President Trump pulled a rabbit out of the hat last month when choosing Republican Congressman Mick Mulvaney as his budget chief. This has largely gone under the radar of the mainstream press bar a couple of articles announcing the decision. However, we find this a stunning announcement as Mulvaney has been a vociferous critic of the Federal Reserve saying that it had ‘effectively devalued the dollar’ and ‘choked off economic growth’. Furthermore, financial disclosures compiled by Bloomberg reveal that Mulvaney has been an active investor in gold and it’s mining stocks since 2010.
The departing President Obama’s debt legacy to America was an 87% increase of the national debt in 8 years. The national debt now stands at an eye-watering $19.9 Trillion. This fact is barely mentioned in the mainstream press. Under the Obama regime, the total US federal government debt nearly surpassed all prior Presidents combined. Trump et all face an uphill battle to save the dollar and the economy in the long run. While criticizing the Federal Reserve in a speech given at the John Birch Society, Mulvaney also complemented Bitcoin because the cryptocurrency could not be manipulated by the government. The John Birch Society incidentally believes that the Federal Reserve is unconstitutional and should be abolished and that ‘the only constitutional money is gold and silver coin.’ This appointment may be a sign that Trump will actually attempt to fix the dollar and this could lead to higher gold and silver prices (inevitable in our view). Food for thought.
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