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Monday, February 27, 2017 4:15:14 PM
Stockman is an economist. He sees inflation taking off and thinks it is necessary to raise rates to slow it down. He was there with Reagan when he was elected and inflation was like 12%. Reagan decided to keep Carters Fed chief Volcker because of his views on inflation. His goal was to bring inflation down first or there would be no economic recovery. So there plan was to keep raising rates and cause short term pain to bring down inflation so our economy could grow again. Thats why we hit a recession during Reagans first year. Stockman is probably scared about inflation getting out of control.
Yes, eventually the bullet will be bit and the debt ceiling will be raised. We will see politics come into play. This will create a lot of uncertainty which should be good for gold. I don't know if we can really default. As long as enough tax revenues come into the Treasury and we can pay the interest on the debt. But politically it is in the Dems interest for there to be a shutdown. So they can continue the narrative of Trumps administration being dysfunctional. But this will cause uncertainty. And markets don't like uncertainty.
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