Financial Sense Newshour
Jim welcomes two estate planning experts to the program this week. Attorney Roberta J. Robinson is a California Board Certified Specialist in Probate, Estate and Trust Law. Roberta discusses higher estate tax rates next year, and how to avoid them, lower estate tax exemptions, and the problem of elder abuse and ways to avoid it in the planning process. Deborah Gaff is Vice President at Fidelity Institutional. She discusses the advantages of a corporate trustee in terms of tax knowledge, avoiding sibling rivalries, protecting spendthrift children, protecting children in a divorce situation, and ways to avoid elder abuse by family members.
Jim is pleased to welcome back Rick Santelli, CNBC reporter on the floor of the Chicago Board of Trade. Rick discusses how politicians in the US have joined those in Europe in the "Extend and Pretend Club," and how if we stay on the present path, we’re bankrupt. Rick also talks about accountability in public life, and draws comparisons between striking Chicago teachers and Washington politicians. Lastly, Rick notes that Federal Reserve money-printing just creates bigger problems instead of solving them. He sees the possibility of open-ended quantitative easing coming from the Fed.
Jim is pleased to welcome back James Dines, editor and publisher of The Dines Letter. Mr. Dines believes there is no way to save the dollar, and it will have to be abandoned as the world’s reserve currency. He recommends to resume buying gold and silver, and notes that gold stocks are now supporting gold’s rise. Mr. Dines sees the rise in oil prices as signaling approaching conflict in the Middle East. He also sees parallels between China’s aggressiveness to its Asian neighbors and Japan’s similar actions in the 1930s.
Nick Barisheff, CEO at the Bullion Management Group, joins Jim to discuss the gold markets. Nick believes the financial backdrop for gold has never been better. He notes that many central banks have now turned into major buyers of gold, joining other sophisticated investors around the globe. Nick sees the potential for gold taking out its old highs before the end of 2012.
Jim welcomes back John Williams, Executive Editor of Shadow Government Statistics. John states his case that the US government can’t keep its commitments and remain solvent. According to a US Treasury report, the real national debt is not $16 trillion, but more like $86 trillion on a present value basis. John also points out that this year’s US budget deficit isn’t $1.3 trillion, but $5 trillion when calculated on a GAAP basis. John believes the Federal Reserve is getting ready to announce an open-ended money-printing program. Lastly, John still sees the 2014 hyperinflation scenario as intact, unless the Republicans win in November and make significant and lasting changes to spending and taxation.
Jim is pleased to welcome back technician Alan Newman this week. Alan believes that gold will likely take out its old highs, and his price target for gold is $2,500 oz. As to future Federal Reserve action, Alan sees QE3 coming, to be followed by QE4, QE5 etc.
In this week’s Big Picture, Jim looks at our deteriorating fiscal situation and the potential of more QE from Ben Bernanke. In his first topic, "Sixteen Trillion and still counting" Jim explains why we are headed into the fiscal abyss unless we change course, and soon.
In this week’s edition of the Lifetime Income Series, Jim discusses "The Seven Most Important Equations for Your Retirement" and how they will affect your planning decisions.
Jim is pleased to welcome back Dr. Marc Faber, publisher of the "Gloom, Boom & Doom Report." Marc notes that without current US government deficits, the economy would be in recession. He also expects the Fed to initiate QE3, but believes its main impact will be on investment markets, not the economy.
Jim is joined by energy expert Joseph Dancy to discuss the global energy markets. Joe notes that recent IEA forecasts indicate global oil demand growth is accelerating, particularly driven by rapidly developing areas like China, India and the Middle East.