Economic Crisis News 2015-10-10
Last week, we reported that the U.S. temporary budget resolution extended the can kicking to December 11th, but we didn’t mention the U.S. Treasury’s deadline for reaching the so-called debt limit on November 6th, which is now less than a month away. John Boehner is set to avoid the final turmoil, as he is leaving Congress just a week before the deadline.
The highway trust fund budget expires on October 29th, meaning there are three key dates just within the next two months that potential government shutdowns can occur.
Less than expected tax revenue came in September, and the government has been scrambling for cash. The Treasury has already been borrowing money from accounts not subject to the debt limit since March 16th, and is continuing to do so, referring to their actions as “extraordinary measures.” Needless to say, there’s hundreds of billions in more hidden debt than the $18.1 trillion official debt listed.
We saw silver break $16 this week, with the monthly chart showing silver spike up a severe $1.50. We’re now all wondering if this is the start of new bull market rally, like David Morgan predicted would come after September, which could lead silver to $26 by the year’s end.
All of this and so much more in this week’s edition… Don’t miss it!