Phillip Patrick from Birch Gold tells Steve Bannon that the recent spate of congressional spending can have only one outcome, and it’s not good:
“It’s not just Congress that’s being loose with fiscal affairs here. The Fed has too. The Fed has been purchasing bonds hand over fist since 2008. The rate has accelerated dramatically during COVID. Bond buying by the Fed has doubled in the last 18 months from $4 (trillion) to $8 trillion. But … it’s not just here in the United States…. It’s happening globally.
“Jeff Greenblatt, who’s CEO of Doubleline Capital, said, ‘We’re growing debt like crazy. As long as we continue to run these policies, we’re looking at a roadmap that is clearly headed toward the US dollar losing its sole reserve currency status.’ And I think he’s absolutely right.”