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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

Socialism 2020? How The Presidential Election Could Affect The Gold Market

Date: Tuesday, June 11, 2019 8:01 PM EDT

One exception: Former Colorado Governor John Hickenlooper, who is running as a pragmatic problem solver with a business background. He recently gave a speech to California Democrats in which he said socialism was the wrong way to go. He was roundly booed.

Meanwhile, 76-year old “Uncle Joe” Biden is disavowing himself to appease far left activists but that is proving to be difficult for him. Under pressure, he suddenly reversed his decades’ long support of the Hyde amendment, which bars federal funding of most abortions.

Biden is also trying to play catch-up to the trillions in new spending programs proposed by Bernie Sanders and Elizabeth Warren, clumsily rolling out a partially plagiarized “Clean Energy Revolution” that would cost the economy at least $5 trillion.

 

2020 Prediction: Winner Will Embrace More Money Printing

As for Senator “Pocahontas,” Warren has gone off the reservation when it comes to taxing, spending, and printing currency out of thin air. She would pay for her multi-trillion-dollar Progressive wish list by instituting a new wealth tax and pushing the U.S. dollar lower (i.e., inflation). As Warren put it, her monetary policy (vague as it is) would entail “more actively managing our currency value.”

 

It sounds like Modern Monetary Theory (MMT), which is likely coming in one form or another in the years ahead as the government struggles just to pay interest on an exponentially growing debt load. Under MMT, the government would directly print the dollars it needs to close its deficits rather than issue new bonds. Similar monetary experiments didn’t work out so well in Zimbabwe and Venezuela.

 

Given President Trump’s repeated clashes with the Federal Reserve over what he sees as “too tight” monetary policy, he might be all too willing to support a bipartisan push for a more “actively managed,” more inflationary monetary system.

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