Economic Analyst Warns Government's 'Debt Time Bomb' Threatens Retirement Security
Press Release (ePRNews.com) - BEVERLY HILLS, Calif. - Oct 13, 2020 - Augusta Precious Metals, America’s leading gold and silver resource for retirement savers, issued a video alert from its lead analyst, Devlyn Steele, detailing potential economic pitfalls of the national debt. The video explains how record levels of federal debt are piling up amid the pandemic. Steele suggests the expanded debt could prove to be the last straw for a financial system long overburdened by Washington excess.
Steele is particularly concerned about the Federal Reserve’s role in undermining the stability of U.S. currency. This is happening, he said, because the central bank is not only enacting dollar-debasing monetary policy but is also enabling reckless federal deficit spending. The Congressional Budget Office (CBO) projects the federal deficit for Fiscal Year 2020 will reach at least $3.7 trillion – more than 150% higher than the record set in 2009 when the nation was in the grip of the global financial crisis.
“The Fed formula of debt plus money-printing plus zero interest rates – which equals inflation – has trapped the Federal Reserve in an endless monetary policy [of accommodation] which may lead to the crash of the dollar,” Steele said.
Steele, a member of the prestigious Harvard Business School analytics Program, acknowledges the obvious inability of individual citizens to control government debt. However, he said, that doesn’t mean retirement savers are powerless to control their own financial destinies. The analyst suggested that “retirement savers can combat the ticking debt time bomb by adding physical gold and silver to their portfolios.”
Steele said many astute investors – including the world’s largest money managers – have made significant commitments to gold and silver this year. In 2020, some of the most prominent figures in global finance embraced gold and silver. According to Steele, this has contributed to a “great rotation” out of traditional assets and into gold and silver. He said this seismic shift to metals indicates we’re at the outset of a multiyear gold and silver “supercycle.” Steele projects that within three years gold will reach $5,000 per ounce and silver will hit $125 per ounce.
“The government debt time bomb is ticking and poised to blow your financial security to smithereens,” Steele said. “You may not be able to defuse it, but you can shelter your portfolio from the terrible destruction with physical gold and silver.”
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