Look, this isn’t going to make everyone happy—but truth matters. And the truth is, the economy is riding through some rough waters right now.

Let’s start with the basics: the U.S. dollar just slid to 97.9—its lowest point in the last three years—while gold is on a meteoric rise. Since 2023, gold has nearly doubled in value, rocketing from $1,800 to almost $3,500 an ounce. What does that mean? Here’s Steve Forbes with the breakdown—listen.

It feels a lot like the 1970s again—when Nixon took the U.S. off the gold standard and the dollar took a nosedive. Inflation soared, energy prices exploded thanks to OPEC and the Iranian Revolution, and by 1980, inflation hit 13.5%, with the Consumer Price Index jumping a staggering 90% over the decade. On top of that, we were drowning in a trade deficit, much like today—but back then, it was Japan and Germany. Today, it’s China.

So how do we avoid a repeat of that economic nightmare? No one has the magic answer, but the anxiety is clearly growing.

Energy independence was a central theme of President Trump’s first campaign—“drill, baby, drill”—and that kind of policy might be what keeps us from reliving the ‘70s. Oil is hovering around $60 a barrel this week, a noticeable drop from the $80-plus we saw just a few weeks ago. And for the first time in five years, the Consumer Price Index posted a monthly decline. Encouraging? Maybe. But experts are warning not to get too comfortable—especially with the ongoing trade war with China.

Forbes issued a stark warning: the U.S. could be just 90 days away from the edge of a fiscal cliff—listen.

Meanwhile, President Trump appears more optimistic. In fact, he made this bold prediction last week—

Can he pull it off again? In 2018, Trump and Chinese President Xi Jinping struck a 90-day agreement that led to the so-called U.S.-China Phase One deal. China promised to increase U.S. imports by $200 billion. Two things got in the way: COVID-19 and the Biden Administration’s lackluster enforcement. The result? China only hit 58% of its target.

Let’s not sugarcoat it—China didn’t keep its end of the deal, and Trump has a serious task ahead.

Investor Kevin O’Leary weighed in, saying the U.S. shouldn’t go easy on China, no matter the cost—

O’Leary can afford to take that hit, but average Americans don’t have that luxury—and they’ll be voting with their wallets next year.

The U.S. does hold some power here—our economy is still bigger, and China relies heavily on access to our market. But this is turning into a high-stakes game of economic chicken. Who blinks first—and what happens to the American consumer in the meantime?

China expert Gordon Chang argues the situation might not be as bad as it seems.

Still, Chang admits this time feels different—more intense.

On the other hand, White House economic adviser Kevin Hassett is striking a much more upbeat tone.

Sure, part of Hassett’s job is to exude confidence—but still, it’s not all doom and gloom. Like many, I’m placing my trust in the President.

But that doesn’t erase the concern over the dollar’s decline—or the explosion in gold prices. The Federal Reserve plays a major role in managing the dollar’s value, and Trump is turning up the heat on Fed Chair Jerome Powell. Just yesterday, Trump called Powell a “major loser” for not cutting interest rates yet. He wrote:

“With these costs trending so nicely downward, just what I predicted they would do, there can be almost no inflation, but there can be a slowing of the economy unless Mr. Too Late, a major loser, lowers interest rates NOW. Europe has already lowered 7 times.”

Forbes is warning about a potential slowdown—and it’s unclear if Powell will take Trump’s advice. The Fed is supposed to be independent, but Trump didn’t hold back last week.

Powell insists he’ll finish his term, which runs until 2026—but the White House is reportedly exploring options. Whether or not Trump can replace him is a legal debate—but one thing’s certain: Trump isn’t sitting still while the economy wobbles.

Right now, things are shaky. If you’re holding gold, you’re probably smiling. But for the rest of us, we’ll keep watching the numbers—and the headlines.

There’s a tendency among media and so-called experts to scream “fire” before there’s even a puff of smoke. So don’t panic.

Yes, the Democrats and their RINO allies have done some real damage to the U.S. economy and its global stature. But President Trump is trying to steer us back on course.

Let’s see where that takes us.