In fiscal 2023, the deficit averaged about $147 billion per month. That means taking all of the wealth from our top five billionaires would cover the deficit for about six months.
If they continue along this path, huge amounts of capital will be misallocated or destroyed. Trillions of dollars will be wasted by governments for political reasons.
Gold swaps by the BIS, the central bank of central banks, rose by 31 tonnes in May, a 40% increase over the 78 tonnes reported in April, reaching a total of 109 tonnes.
