Growing alarm over U.S. debt: Why the Fed is 'Dr. Frankenstein's monster' that is part of the problem – Charles PayneKitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.
While weighing in on the U.S. fiscal policy might be controversial for Powell, the Fed is a big part of the problem when it comes to debt, Payne told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. Payne highlighted that the Fed has become the most powerful entity in the world in its ability to move domestic and even global economies. For more on Payne's insights on the Fed's role outlined in his latest book 'Unbreakable Investor,'"The Federal Reserve is responsible for far too much. And who do they answer to? Realistically, who gets to fire Jerome Powell tomorrow? No one. I'm concerned that we've created this all-powerful entity, almost like Dr.
Speaking at the Bipartisan Policy Center, Dimon cautioned of a looming "hockey stick" surge in debt, adding that if U.S. lawmakers don’t alter the current path of spending, there could be “rebellion” among foreign owners of U.S. government bonds. "It is a cliff, we see the cliff. It's about ten years out, we're going 60 miles an hour ,” Dimon said.
To get Payne’s timeline for when the U.S. dollar could permanently lose its reserve currency status and what can replace it,Payne also outlined what this macro environment means for the U.S. stock market this year. As an anchor and reporter, Michelle has covered and analyzed the most significant global economic, financial, and geopolitical events of the past two decades. She has interviewed heads of state, CEOs of Fortune 500 companies, and other political, business, and entertainment leaders.
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