No taper and no hope

The US Fed last night went against expectations and yet again deferred any tapering of QE and indeed revised down their growth forecasts for this and next year. Gold and Silver saw the biggest one day rallies in some time and Wall St too jumped as the easy money party continues to support (for now) shares.  The Congressional Budget Office also came out yesterday with the news that the US would have to cut $2trillion in spending over the next decade just to stabilise its debt to levels already nearly twice historic averages, so nearly $4trillion to bring back to those levels.  This is the country that hasn’t run an annual surplus since 1969 and ran deficits in excess of $1 trillion for the last 4 fiscal years.  They are trapped in a vicious money printing and debt Ponzi scheme of epic proportions where surely gold and silver will be the winners.