In this report, I cover the early market action from London on Tuesday, July 30th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I first look at the shrinking British pound and how the debasement of the currency is a symptom of mismanagement of the nation and that this debasement or inflation is used as a panacea to cover-up the mismanagement.
I also look at the U.S. debt ceiling and the compromise reached last week between the Trump administration and Congress. I have to thank James Turk for noting that the situation is even worse as the debt ceiling was not raised as most people think but it was suspended for a full two years!
My conclusion is that currency debasement, fiscal profligacy and interest rate manipulation by the Central Bankers will create an even more challenging financial environment for the general public.
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