The week’s first topic on the Big Picture is “$20 Trillion in Debt, Financial Repression, and Gold’s Blast Off”. Gold and commodities have been in bear markets since 2011. The Fed’s QE programs pumped money into financial assets, but not precious metals. We have been facing deflation more than inflationary forces. But now we have moved from a world of zero interest rates to a world of negative interest rates. Jim sees this as a significant catalyst for gold and believes we are beginning a new bull market. Central banks are pursuing policies aimed at debasing their currencies, which is an ideal backdrop for gold which is seen as a hedge against debasement. The next topic on the Big Picture is The Gathering Storm. Jim lays out the global warning signs, from falling output to rising debt, to rising unemployment and believes it is time to get defensive from an investment perspective.