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Federal Reserve Mission Creep

Daily Rap 08-03-2020

Everyone who reads this column knows how I feel about the Federal Reserve, its catastrophic policy errors over the last couple of decades, and how that has led to misallocated capital, as well as plenty of other unintended consequences, not the least of which is 0% interest rates and massive can-kicking from those with long-tailed financial liabilities of all sorts.

Putting the E-S-G In the F-E-D However, the amount of damage the Fed has done in the past might in fact pale relative to what it's liable to create prospectively, given its seeming belief in its own omniscience. The mission creep among central banks is on the verge of becoming something truly delusional. Christine Lagarde wants to use central banking to try to attack global warming,...more

Last year's posts for Ask Fleck

Q: I heard rumors that Biden might pick an African American female entertainer as a VP candidate-- like Oprah, and someone even suggested Beyoncé-- to avoid any controversy between moderate and progressives: if that happened how do you think the markets would react?

Fleck: Probably ignore it for now, as it ignored nearly all news unless it is OK or good news.
(posted: 7/31/2020)

Q: Hi Fleck,

I am remembering when Y2K pulled forward tech demand and turbocharged the mania in 1999. When do people start realizing that for some well-positioned tech companies, the current growth rates augmented by Covid-19 are not sustainable?

Fleck: Who knows, but it's a great question.
(posted: 7/31/2020)

Q: Bill,
I wanted to start buying physical gold for my two grandchildren monthly. I think Sprott Physical Gold Trust allows you to redeem your shares/units in physical gold bullion. Is this a good plan or can you suggest a better way of buying with the worry of storage?

Fleck: Sounds reasonable, though I don't know all the details of that trust.
(posted: 7/31/2020)

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