In his most recent podcast, Peter Schiff exposes the latest economic hijinks of Washington and Wall Street. The Federal Reserve wants to re-adjust the first quarter GDP to make it look better, while Walmart absurdly blames its terrible earnings on a strong dollar. Meanwhile, Los Angeles becomes the biggest city in the country to dig its own economic grave by passing a $15 an hour minimum wage law.
Peter Schiff spoke with Palisade Radio last weekend about his strategy for contrarian investing. While the principles are simple, the trick is having the courage of your convictions to bet against the consensus. Peter believes the current consensus is that the US economy is recovering with a strong dollar. He thinks that party is going to end soon and that the US will have a full-blown currency crisis within the next couple years. He recommends investing in the precious metals sector, oil, and fundamentally sound overseas companies.
Peter Schiff digs under the surface of the latest economic data. As usual, Wall Street locked onto the headline number last week, which showed the lowest weekly jobless claims in 42 years. Peter asks the question no one else will — is this really the strongest economy America has seen in four decades?
The April non-farm payroll report has been called the “Goldilocks” report, because it apparently provided just the right data markets wanted to see. A better-than-expected job creation number “proved” that the US economy continues to recover. However, the report was not strong enough to spur the Federal Reserve to raise interest rates sooner, which could spook Wall Street.
Yet the rosy mainstream sentiment completely ignores the underlying facts of the report, which Peter Schiff lays out in his latest written commentary for Euro Pacific Capital.
The biggest shock should have been the downward revision of the already weak March numbers, which most people had expected would be revised upwards. Instead, 41,000 jobs were cut from March, leaving only 85,000 hires for the month, making it the worst month in job creation in three years.
Peter Schiff tackles the latest economic data, which he argues strongly indicates the United States may be on its way into another official recession in 2015. When that happens, Peter expects not just more quantitative easing, but “old-fashioned, Keynesian pump-priming stimulus” in the form of major deficit spending.
On his Friday podcast, Peter Schiff told the story of his encounter with Ben Bernanke at the SALT Conference last week. He managed to snap a photo with the former Federal Reserve Chairman, which you can see here. Peter first discusses the latest economic data, then starts talking about Bernanke at 13:30.
Peter Schiff spoke briefly with Ben Bernanke at the SkyBridge Alternatives (SALT) Conference yesterday. Approaching the former Federal Reserve Chairman, Peter warned, “In full disclosure, I’m your biggest critic.” Bernanke didn’t miss a beat: “You have a lot of competition.”
Chris Waltzek of GoldSeek Radio interviewed Peter Schiff last week. They discussed the future of the US dollar and the price of gold.
What’s really holding gold back is not just the strong dollar, but the idea that the Fed is going to be raising interest rates. It’s the fear of higher rates that is also hurting the case for gold. When people realize that we’re not going to get higher rates, that we’re going to get QE4, that the dollar is going to tank… Gold is going to go ballistic. I think the next gold rally is going to be the most spectacular rally we’ve ever witnessed…”
Peter Schiff shares his thoughts on the Federal Reserve’s meeting that concluded yesterday. He also takes a look at the official first quarter GDP figure, explaining the misleading data behind it.
In the second part of his interview with the Daily Bell, Peter Schiff discusses the economic dilemmas of Greece and the eurozone. He warns that the United States faces the same moral hazard of massive public debts that will be impossible to repay. Peter believes the Federal Reserve and American government will resort to currency inflation to deal with these debts.
Daily Bell asks Peter for the best strategy to protect one’s savings and investments from a US dollar currency crisis. Peter recommends physical precious metals and careful investments abroad. Read the first part of the interview here.