Stefan Gleason Blog | Actions By Biden, Yellen, Powell Make Gold & Silver Ownership Imperative | Talkmarkets
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Gleason is president of Money Metals Exchange, a national precious metals investment company and news service with over 450,000 readers, 35,000 paid customers, and $120 million in annual sales. He launched the company while president of a national newsletter publishing ... more

Actions By Biden, Yellen, Powell Make Gold & Silver Ownership Imperative

Date: Friday, April 9, 2021 3:43 PM EDT

Precious metals markets are struggling to breakout this week. Through Thursday it appeared that a breakout was in place but we’ve seen a bit of pullback here on Friday to throw a bit of water on the breakout idea.

 

Metals markets were aided by a declining U.S. Dollar Index. After rallying to a five-month high versus other fiat currencies last week, the Greenback slipped while top U.S. officials spouted off on inflation and the economy.

 

Federal Reserve chairman Jerome Powell and Treasury Secretary Janet Yellen delivered remarks Thursday to their globalist colleagues at the International Monetary Fund and World Bank.

 

Yellen touted the Biden administration’s multi-trillion dollar COVID relief and infrastructure plans. She urged other countries to also go big on fiscal spending.

 

Secretary Yellen is also pushing for globally coordinated tax hikes. If the U.S. raises its corporate tax rate as the Biden administration proposes, then low-tax countries would enjoy a competitive advantage in attracting business and investment inflows.

 

 

To prevent this sort of tax competition, Yellen proposes a global minimum corporate tax rate to be set and enforced by global agreements. Any countries that dare to cut their own tax rates would be punished by a cartel of high-tax countries.

 

Yellen and her globalist allies apparently can’t conceive of the possibility that high taxation itself is detrimental. If all countries adopted higher taxes, they wouldn’t necessarily benefit by discouraging productive work and investment in tandem.

 

The Biden administration’s aggressive pursuit of tax and spend policies represents something of a repudiation of the Bill Clinton era. By today’s standards, Clinton was essentially a fiscal conservative. He signed balanced budgets, supported welfare reform, and famously declared “the era of big government is over.”

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