Here's an example of capitalism versus socialism: In the two years before the government took over running my bank, we fully repaid over 4,500 customers 100% of their deposits. In the four years since the government took over the job of repaying customers, only 78 have been paid!

Gold and silver are hammered this morning on the continued rise in bond yields. Gold is down just under $140 and silver is down almost $3. But a bond bear market is very bullish for precious metals, as it means a weaker U.S. economy, rising budget deficits, and higher inflation.

Stock market investors continue to shrug off the rise in bond yields, despite no indication that the rise will end anytime soon. The 10-year Treasury yield is 5.21% and the 30-year yield is 5.52%. 30-year mortgage rates already exceed 7.25% and could easily hit 7.5% next week.