Craig Hemke & Eric Sprott: The U.S. Government is Broke (Podcast)
BY SPROTT MONEY
THEDAILYCOIN.ORG
MARCH 3, 2018
It’s been another wild week as market jitters lead more foreign governments to stockpile gold. Eric talks about India’s gold reserves, the current state of the stock and bond markets, and the effect of all this on mining shares.
Plus, he issues a dire warning to the U.S about tariffs.
“I saw an article on ZeroHedge where the U.S put a tariff on steel back in 2003 and the market went down 30%. And the tariff didn’t make it through the whole year… We have to wait and see what the repercussions are gonna be. There’s no doubt that the U.S. economy has suffered for a long time by the lack of anyone trying to protect industry in the country. I feel sorry for people who rely on factories and manufacturing things to survive, because there’s been absolutely no care for that area. Everything’s become financial… So you do need a little bit of strengthening of the trade policies. But what’s the effect on the stock market? It would be good for jobs to have tariffs, but the stock market? Totally different question. There will be outcomes in other countries in reaction to this… Nobody wins a trade war.”
