Green New Deal Would Increase Poverty

Swiss America’s
Gold News Daily 

1.28.19 – Green New Deal Would Increase Poverty
Gold last traded at $1,303 an ounce. Silver at $15.76 an ounce.NEWS SUMMARY: Precious metal prices hovered near 6-month highs Monday ahead of Fed meeting. U.S. stocks fell sharply as investors fretted over weak earnings from Caterpillar and a big revenue cut from chipmaker, Nvidia.Gold hovers near $1,300 as investors await Fed meet, trade talks –Reuters
“Gold eased back on Monday as the dollar steadied, but the metal held close to $1,300 as investors adopted a cautious approach while awaiting developments on the U.S.-China trade front and Federal Reserve policy….Investors are bracing for a busy week with the culmination of high-level trade talks between the United States and China on Jan. 30-31. Also awaited is the Federal Open Market Committee meeting between Jan. 29 and Jan. 30, where Chairman Jerome Powell is widely expected to acknowledge growing risks to the U.S. economy as global momentum weakens. ‘A number of investors will find this an opportune time to get in before the next move higher, likely, given the state of the global economy … we continue to expect prices to rise towards $1,350,’ Capital Economics’ Strachan said.”The Fed Will Crash Markets & The Dollar –Williams/Zero Hedge
“Economist John Williams warns the Federal Reserve has painted itself into a very tight no-win corner. No matter what the Fed does with rates it’s going to be a disaster. Williams explains, ‘You had some very heavy selling towards the end of the year and when you saw the big declines in the stock market you also saw that accompanied by a falling dollar and rising gold prices.’….Williams says the U.S. is already entering into a recession. Williams contends, ‘The first quarter of 2019 likely will be in contraction partially due to the government shutdown. That is slowing the economy on top of the interest rate hikes, but the cause of the recession here is not the government shutdown. It’s the Fed hiking rates.’….Williams also warns, ‘This is a very dangerous time both domestically and globally.’ Maybe this is why gold and silver prices keep steadily climbing higher. Williams says, ‘As things get worse here there is going to be a flight from the dollar into other currencies and in particular into gold. Gold is the long term store of wealth here…With debt collapsing and currencies collapsing you are going to end up with inflation.'”Laughingstocks –Dana Lyons’ Tumblr
“In every market cycle, bull or bear, prices eventually reach a point at which the vast majority of investors become convinced that the trend at hand will continue on indefinitely. As much as price behavior, it is that sentiment condition that makes the market ripe for a cycle change. And the longer the cycle, the more extreme investor sentiment can stretch in that direction. Not surprisingly, the ongoing, near decade-long bull market has produced one of the more lopsided investor sentiment extremes on record….Bullish sentiment has seemingly reached extremes rarely before attained…we attribute that notion largely to a medium that did not even exist in prior cycles: social media….Financial social media itself has never really experienced a bear market. Therefore, given the democratic and anonymous nature of the social media bullhorn, it’s not surprising that the loudest and most cocksure collective sentiment view on the medium is overwhelmingly bullish….While the bulls have ruled Wall Street for the past 10 years, much of the run has been in the face of, or fueled by, skepticism toward stocks. In recent years, that has changed as we have witnessed various measurable sentiment indicators reaching bullish levels that have marked significant market tops in the past….Households are far above all previous levels of household equity investment outside of the 2000 top…Stock valuations are at historically high, and unsustainable, levels…the S&P 500 is 122% overbought….Eventually – perhaps soon – it will be the bears who will have the last laugh.”The ‘Green New Deal’ is a prescription for poverty –Washington Examiner
“At its core, the Green New Deal is a measure aimed at eliminating all fossil fuel and nuclear energy and ‘meeting 100 percent of national power demand through renewable sources’ within just a 10-year time frame, according to a draft legislative text. ‘By developing a plan for a Green New Deal, we have an opportunity to create millions of good-paying jobs, virtually eliminate poverty in the United States, and invest in a just transition for communities that have been left behind by racism and corporate greed,’ insists Varshini Prakash, founder of the Sunrise Movement. Behind the rhetorical smokescreen, the ugly truth is that a mandatory shift to higher-cost solar and wind energy before the market is ready to support those, as the Green New Deal does, would serve as a regressive tax on the poor….Of course, the Green New Deal championed by Rep. Ocasio-Cortez goes well beyond how power plants generate electricity. It would also include trucks that transport food and cars that take Americans to work. This makes its impact even more dramatic. Just ask France how well skyrocketing gas and diesel prices have worked out for its working class….Far from a cure for poverty, the Green New Deal is a prescription for even more of it.”

You may also like...