• Will a time come when we address the debt? Answer: Yes, but not in an election year.

• The Fed (and other central banks) enabled the massive debt to increase by lowering interest rates to near zero, adding $20 trillion to their balance sheets (from nothing) and encouraging expansion of sovereign, corporate and individual debt. Will the Fed admit they caused most of the problem? Answer: Maybe, but not before snow falls on the Rio Grande in August.

• Does anyone believe that 30 million newly unemployed workers bode well for markets, profits, and economic strength? Answer: No!

• The Fed can create trillions (they do) and boost stock markets (they did). The Fed can purchase bonds (they do) and force interest rates lower (they do), but can The Fed create goods and services, productivity, infrastructure, food, energy, and other necessities? Answer: Of course not.

• The Fed’s “answer” to most economic crises in the past five decades has been to reduce interest rates, inject liquidity, and claim they are saving the economy from problems they caused. Will this continue? Answer: Yes, for as long as politicians accept money from lobbyists and corporations.

• Printing dollars and feeding them into the stock and bond markets will boost those markets for a time. Will it levitate them forever? Answer: No, but levitation can last a long time. Or maybe that game died in March.

• Has the stock market turned lower? Answer: The charts (see below) show the top occurred in February.

• But could the S&P rally and reach new all-time highs. Answer: Almost anything is possible, including snow on the Rio Grande, honest politicians, and truthful Fed statements. However, do you trust your savings and retirement funds invested in an overvalued stock market supported by QE4ever, buybacks and unpayable debt. That debt will default or be inflated to near zero in value.

• What about gold and silver? Answer: You know the drill. They are real money, not debts from the Federal Reserve (dollars), not IOUs from dodgy corporations, not an unbacked currency unit that is falling toward zero purchasing power. The Fed can create inflation, but not gold.

• GDP is falling. Unemployment is rising. The shutdown and excessive debt created a recession or depression.

• Inflate or Die!

• COVID-19 was the pin that burst the bubble of excessive debt, unreal expectations, and the crazy belief that The Fed can create wealth and prosperity by “printing” fake money.

• The stock market peaked in February. A return to those levels, anytime soon, looks doubtful. Consider the charts, real economic traumas, and the oil business. Creating fake money that benefits the political and financial elite will not save the middle class or the real economy.

• Massive debt, huge deficits, fear, and panic will weaken dollars. Devalued dollars may help support over-valued stocks, but they will push gold and silver prices to new highs.

• Gold sells at all-time highs in most currencies. New highs, priced in dollars, will come soon.

• Who would have believed (in January 2020) a 35% drop in the S&P 500 Index in five weeks? Who now believes that gold will reach $2,000 to $3,000 relatively soon? Bank of America… and others.

• The stock market is supported by the Fed, but not fundamentals, strong earnings, rising GDP, increasing productivity, or stock buybacks. Does that worry you when we know the Fed only cares about the political and financial elite?

• Buy gold. Buy silver. The stock market… You know the drill.